Brief: Kirloskar Electric to raise funds via equity issue of up to 750 mln rupees

Kirloskar Electric

18/05/2016 11:13

May 18 (Reuters) - Kirloskar Electric Company Ltd  KREL.NS : 
 * To raise funds by issuing equity shares through QIP route for an amount upto 750 million rupees 
 * To increase the limit of holding by foreign entities in the company from 24% to 49% 
 * Approved increase the authorized capital of the company to 1.15 bln 
 
 * Source text: Kirloskar Electric Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 18, 2016 inter alia, has approved the following items: 
 
1. To raise funds by issuing Equity Shares through Qualified Institutions Placement route under Chapter VIII of SEBI (ICDR) Regulations, 2009 for an amount upto Rs. 75 Crores and appointment of various agencies relating thereto; 
 
2. To increase the authorized capital of the Company from Rs. 90 crores to Rs. 115 crores; 
 
3. To increase the limit of holding by foreign entities in the Company from 24% to 49%; 
 
4. To call an EGM of the shareholders of the Company for taking their approval for the foregoing matters; 
 
The meeting was scheduled to commence at 4.00 P.M but was preponed to commence at 3.00 P.M to accommodate directors. 
 
 * Further company coverage  KREL.NS   
 ((Bengaluru Newsroom; +91 80 6749 1130))