Max Ventures gets shareholders' nod to borrow up to Rs 300 crore

However, the company's shares were trading 0.19 per cent down at Rs 53.50 on BSE

Max Ventures & Industries, part of the $2-billion Max Group, has been authorised by shareholders to borrow up to Rs 300 crore.

The authorisation was given to the company at its first annual general meeting, which was held on Tuesday.

At the AGM, the company said the business was transacted for "authorisation to the board of directors for borrowing up to an amount not exceeding Rs 300 crore".

Authorisation was also given to create mortgage or charge over the assets of the company under the Companies Act, 2013, it said in a regulatory filing.

Max Ventures & Industries (MVIL) was formed as one of the resultant entities following the demerger of the erstwhile Max India Limited in January 2016.

The company's stock started trading on BSE and NSE earlier this year in June 2016.

MVIL, the holding company for Max Speciality Films (MSF), an innovation leader in Speciality Packaging Films manufacturing, has taken key expansion measures over the past few months.

Max Group's entrepreneurial arm, MVIL had reported consolidated operating revenues of Rs 154.9 crore and consolidated profit before tax of Rs 3.8 crore in the first quarter ended June of this fiscal.

Analjit Singh is the chairman of the company and Sahil Vachani the MD and CEO.

MVIL stock was trading 0.19 per cent down at Rs 53.50 on BSE.