Webel-Sl Energy to raise funds

Webel-Sl Energy Systems Ltd has announced that the shareholders at the Extra Ordinary General Meeting (EGM) of the Company held on January 08, 2008, have approved the issue of Global Depository Receipts (GDRs) / American Depository Receipts (ADRs) / Foreign Currency Convertible Bonds (FCCB) / Placement of Securities with Qualified Institutional Investors pursuant to Chapter XIIIA of SEBI (Disclosures of Investors Protection Guidelines) 2000 to the extent of Rs 150 crores to meet the cost of expansion plan of 30 MW of the Company.

The Authorised Capital of the Company will be increased from the existing Rs 10 cr to Rs 15 cr.

The EGM also approved the increase in the Borrowing power from Rs 250 cr to Rs 500 cr.

The company will mortgage / create charges on the properties of the Company against borrowings.

Source : Equity Bulls

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