Education services provider Educomp Solutions is looking to raise an additional Rs 1,300 crore ($250 million) capital by issuance of international bonds and other long term securities.
In a meeting held by the company yesterday, the board of directors of the Educomp Solutions have considered and approved this provision, subject to the approval of the shareholders.
In a filing to the Bombay Stock Exchange (BSE), the company said that it would also look at international bonds, with a sub-limit thereof for raising money through equity linked instruments upto Rs 390 crore ($75 million).
Educomp Solutions has also proposed to increase of the authorised share capital of the Company from existing amount of Rs 30 crore to Rs 40 crore. authorised share capital refers to the number of stock units that a publicly traded company can legally issue as stated in its articles of incorporation, or as agreed upon by shareholder vote.
The company has also stated that it proposed to enhance the borrowing powers of the directors under provisions of the Companies Act, 1956 and to authorise to create security, charge or mortgage on the movable or immovable assets of the company under the Act. At 10.54 am, Educomp Solutions was trading 0.64% higher at Rs 173.75 on the BSE, compared to the previous day's close.