India's Essar Shipping has won backing by shareholders for an INR 1.5bn ($23.63m) capital increase.
This would raise its issued share capital to INR 6.5bn so that it can convert debt into equity.
The transaction is related to a 2010 issue of convertible bonds worth $240m, with interest at 5% per year, Business Today reported.
The conversion price is INR 91.70
