Mcleod Russel to raise upto US $ 30 million

Mcleod Russel India Ltd has announced that the Board of Directors of the Company in terms of the Special Resolution passed by the Members under Section 81(1A) of the Companies Act, 1956 authorising the Board to raise funds of an amount not exceeding US $ 30 million or its Rupee equivalent in one or more ways, has decided to raise funds partly or fully by way of issue of equity shares or other securities within the said limit of US $ 30 million or its Rupee equivalent by placing equity shares / securities with Qualified Institutional Buyers (QIB) in terms of the newly introduced chapter XIII-A of SEBI (Disclosure & Investor Protection) Guidelines 2000 (DIP Guidelines). To comply with the requirements of chapter XIII-A of DIP Guidelines in respect of the proposed issue to the QIBs, the Board has decided to seek the approval of the shareholders under Section 81(1A) of the Companies Act, 1956 with due compliance with the provisions of chapter XIII-A of the DIP Guidelines by way of Postal Ballot.

Source : Equity Bulls

Keywords