Moser Baer India Ltd has informed BSE that in furtherance to the resolution passed by the Board of Directors of the Company at the meeting held on January 11, 2010 to raise funds through equity or equity linked instruments for a value not exceeding US Dollars 100 million, the Board of Directors at the second meeting held on January 29, 2010, decided, subject to necessary approvals, to raise additional funds for a value not exceeding USD 65 million, through equity or equity linked instruments, for the Company's growth plans and for correcting the capital structure and strengthening the Balance Sheet of the Company. The Board also considered the need for flexibility in current market environment regarding timing of the fund raise by way of approaching the markets in one or more tranches with different instruments. Thus, subject to the approval of shareholders of the Company and such other approvals as may be required to be obtained in this regard, the Company may issue equity shares or equity linked instruments to qualified institutional buyers or FCCBs/GDRs/ADRs or equity shares through the depository receipts mechanism and / or other financial instruments convertible into or linked to equity shares for a total amount not exceeding USD 165 million.
Source: BSECourtesy moneycontrol.com
Also check
Posts
No comments:
Post a Comment