Valecha to raise FII limit by upto 49 per cent
New Delhi, Aug 25 (UNI) Valecha Engineering today said it has increased its borrowing limits to Rs 300 crore, creating charges on its assets upto Rs 300 crore, besides pushing up its FIIs limit by 49 per cent.
''The members at Annual General Meeting of the company have passed resolutions to increase of borrowing limits pursuant to section 293(l)(d) of the Companies Act, 1956 upto Rs 300 crore and creation of charges, mortgages and hypothecation pursuant to section 293(1)(a) of the Act, upto Rs 300 crore,'' a company statement said.
The company has further declared a dividend of 30 per cent and said it would raise more funds through issue of foreign instruments or any other permitted instrument.
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Story first published: Friday, August 25, 2006, 20:37 [IST]