SREI Infrastructure Finance to raise funds upto Rs. 1500 crore

The Board of Directors of SREI Infrastructure Finance Ltd at its meeting held on May 20, 2013, has approved to raise funds by way of a public issue of Secured, Redeemable, Non-Convertible Debentures not exceeding Rs. 15,000 million, in one or more tranches during the Financial Year 2013-14 pursuant to the provisions of the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 and other applicable laws.

The Board approved increase in the Authorised Share Capital of the Company from existing Rs. 810,00,00,000 (Rupees Eight Hundred and Ten crores only) to Rs. 1500,00,00,000 (Rupees Fifteen Hundred crores only) by creation of additional 29,00,00,000 Equity Shares of face value of Rs. 10/- each and 4,00,00,000 Preference Shares of face value of Rs. 100/- each. subject to Shareholders’ approval at the ensuing Annual General Meeting (AGM) of the Company and other requisite approvals.

The Board has approved the proposal to create, offer, issue and allot Redeemable Non-Convertible Preference Shares upto an amount not exceeding Rs. 500,00,00,000 (Rupees Five Hundred Crores only) in one or more tranehes, on such terms and conditions and at such time or times as may be decided by the Board of Directors and/or Committee of Directors of the Company subject to Shareholders’ approval at the ensuing Annual General Meeting (AGM) of the Company and other requisite approvals.

Shares of SREI Infrastructure Finance Ltd last traded in BSE at Rs.27.90, up by Rs.0.35 or 1.27%. The stock hit an intraday high of Rs.28.75 and low of Rs.27.80.

The total traded quantity was 2.07 lakhs compared to 2 week average of 1.80 lakhs.

Source : Equity Bulls

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