Haryana increase share capital of Financial Corporation

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Chandigarh, Feb 4 (UNI) The State Cabinet today decided to increase the authorised share capital of Haryana Financial Corporation from Rs 50 crore to Rs 300 crore.

This decision has been taken at the meeting of the Cabinet presided over by Chief Minister Bhupinder Singh Hooda here.

The decision to increase the share capital was taken as the Corporation was facing problems in availing refinance from SIDBI as per the recent guidelines issued by the Reserve Bank of India.

It was felt that the Corporation required additional capital infusion of Rs 145 crore within the next two years to achieve required capital adequacy ratio of nine per cent.

As a result of this decision, equity shares of Rs 10 each, totalling Rs 30 crore shall be issued to the parties and in no case these would exceed 49 per cent of the total number of issued equity shares of the Corporation.

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