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| Power & Infra gets board nod for raising Rs 1,800 cr |
| Press Trust of India / Mumbai Oct 14, 2009, 18:44 IST |
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GVK Power & Infrastructure today said it will raise funds up to Rs 1,800 crore through the issue of securities in the market.
The board of directors, at its meeting held today, has approved a proposal to raise up to Rs 1,800 crore through the issue of securities in one or more tranches, GVK Power & Infra said in a statement to the Bombay Stock Exchange (BSE).
Securities through which funds may be raises include foreign currency convertible bonds, equities, debentures and convertible warrants, it said.
The fund raising plan also includes a green shoe option and is subject to approval of the company's shareholders and other regulatory authorities, if need be, it added.
In June, the company's shareholders had approved a proposal to issue equity up to an amount of Rs 2,500 crore through qualified institutional placement.
However, keeping the then market conditions in view, the company had restricted the amount only to the extent of Rs 700 crore and decided to wait for some more time to raise the remaining fund.
Meanwhile, in today's meeting the board has appointed Krishna Ram Bhupal as an additional director of the company, GVK Power & Infra added.
Shares of GVK Power & Infrastructure roe 7.64 per cent to close at Rs 47.20 on the BSE.
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