EDCL seeks shareholders' nod to issue shares worth Rs 44 crore

Energy Development Company Ltd today said it will seek shareholders approval to raise Rs 44 crore by issuing two crore equity shares in extra-ordinary general meeting next month.
"The Board of Directors of the company, at its meeting held on September 29, 2015, has decided and approved issue of 2,00,00,000 equity shares of Rs 10 each at a price of Rs 22 per equity share on preferential basis to non-promoters/ promoters/promoters group/associates of the company," Energy Development Company Ltd (EDCL) said in a BSE filing.
According to the statement, the Board approved and authorised the holding of Extra-ordinary General Meeting of the company on October 24, 2015.

Besides, the Board has also approved the notice convening the meeting, for obtaining shareholders' consent to increase authorized capital, amendment in Memorandum of Association and the aforesaid issue of equity shares.
The Board also approved proposal to increase authorized share capital by creation of 1,50,00,000 equity shares of Rs 10 each, ranking pari passu with the existing equity shares and consequential amendment in Memorandum of Association of the company.