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Mumbai , Aug. 22

THE board of Essar Shipping Ltd has approved the corporate debt restructuring (CDR) cell's package for the Vedinar oil terminal project.

The company said it will seek its shareholders' approval to issue financial instruments, including equity shares, on preferential basis to ABB or promoters, their associates or group entities an amount not exceeding $100 million.

The board has also decided to approach the shareholders with a proposal to issue up to $100 million to persons other than existing members of the company for meeting the present and future fund requirements of the company, ESL sources said here.

The board has also decided to seek approval of shareholders for increasing the authorised share capital from Rs 510.5 crore to Rs 1510.5 crore.

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