Insurance and health-care firm Max India Ltd has said the shareholders would meet on July 28 to take a final decision on raising Rs 450 crore through qualified institutional placement in one or more tranches.
The board of directors took a decision to convene the extra-ordinary general meeting of the shareholders on July 28 for this purpose, Max India said in a filing with the Bombay Stock Exchange.
On July 1, the board had rescinded its earlier decision of February 3, 2009, for issuing equity shares up to an amount of Rs 650 crore, on rights basis with detachable warrants, it said.
The company, which also operates in specialty plastic products segment, produces packaging films supported with polymers of propylene, leather finishing transfer foils and related products. The segment has a manufacturing facility located at Railmajra, Nawanshahr in Punjab.
