Press Trust of India / Mumbai Aug 13, 2009, 19:41 IST
Textile company S Kumars Nationwide today said its shareholders have approved the raising of additional funds through private placement of shares to institutional investors.
In a filing to the Bombay Stock Exchange the company said its shareholders, by way of postal ballots, have approved further placement of shares to qualified institutional buyers (QIBs).
Last month, the board had approved raising of an amount not exceeding Rs 1,000 crore through the issue of shares by way of qualified institutional placement (QIP).
Further, the shareholders have approved the investment or providing loans or security to overseas subsidiary company, the filing added.
Shares of S Kumars Nationwide closed at Rs 45.10, up 4.16 per cent on the BSE.
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