The Board of Directors of the Company (Board) at its Meeting held today i.e 17th August, 2018, has considered and approved raising of funds for the Company by way of issue of securities to the existing equity shareholders of the Company on a rights basis aggregating up to Rs. 60 Crores ("Rights issue"), in accordance with the SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2009 and the Companies Act, 2013, as amended and all other applicable laws, subject to such Statutory and regulatory approvals as may be applicable in this regard.
The Board of Directors considered and approved Raising of funds by the Company through unsecured loans aggregating upto Rs. 50 Crores, with an option to convert into equity shares of the Company in accordance with the provisions of Section 62(3), 180 (l)(c) and other applicable provisions, if any, of the Companies Act, 2013.
The Board Meeting commenced at 4.00 P.M. and ended at 4.50 P.M.