Man Ind gets shareholder's nod for raising borrowing limits

Large diameter pipemaker and exporter Man Industries today said its shareholders have approved increase in its borrowing limits to Rs 3,000 crore.
The shareholders nod was sought through postal ballot including e-voting.
The shareholders have given nod to "increase in borrowing limits from Rs 2,500 crore to Rs 3,000 crore or the aggregate paid up share capital and free reserves of the company whichever is higher," the company said in a regulatory filing.
The board of directors have been authorised on behalf of the company for this.
The company said nod was also given authorising the board of directors to "create mortgage/ pledge/ hypothecation/ charge on all or any of the movable / immovable properties of the company, present or future for securing the borrowings of the company".

Man Industries is a leading manufacturer and exporter of large diameter carbon steel line pipes for various high pressure transmission applications for Gas, Crude Oil, Petrochemical Products and Potable Water.