Corporate News
The company is seeking shareholder approval for a special resolution to authorize a capital raise of up to Rs 1000 crore, approximately $120 million USD, granting the Board flexibility in determining the specifics of the offering, including security type, pricing, and investors. Proceeds will be used for prepayment/repayment of loans, general corporate purposes, and temporary investments in creditworthy instruments. The company may utilize a private placement, potentially to Qualified Institutional Buyers, adhering to SEBI regulations. Directors and Key Managerial Personnel have no financial interest in the resolution, and the Board recommends shareholder approval, noting that a 75% voting threshold is required for the special resolution to pass.