“This is to inform you that the Board of Directors, at its meeting held approved, subject to shareholders approval, raising of capital through a Qualified Institutions Placement ("QIP") for an aggregate amount not exceeding Rs8,500cr by issue of Equity Shares and/or Eligible Securities in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, the Companies Act, 2013, and the rules made thereunder, including the Companies (Prospectus and Allotment of Securities) Rules, 2014 and the Companies (Share Capital and Debentures) Rules, 2014, and any other applicable laws, each as amended, and related matters thereto,” the company said in the press note on the BSE.
“Further, for the purpose of giving effect to above, the Board of Directors has also authorized a Special Committee of the Board to decide, inter alia, the terms and conditions of the proposed QIP, and an Allotment Committee, inter alia, for allotment of Equity Shares and/or Eligible Securities, pursuant to the QIP,” the company added.
The Company will be seeking approval of the shareholders for the proposed QIP by way of a postal ballot.
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