Conversion of loan from director to share capital

a private limited company has accepted loan from its directors under companies act, 2013 (undertaking taken that the amount borrowed are from own funds of the directors). the same funds are utilised by the company. now the company wants to issue share against the loan received from the directors under private placement (along iwth other investors). my query is that what is the procedure for conversion of loan to share application money. also since the money is received before the offer is made for private placement, won't it be a violation of the relevant provisions of the companies act, 2013.