Birla Power to raise share capital from Rs 30 cr to Rs 55 cr

New Delhi, Aug 20 (UNI) Birla Power Solutions Ltd today said the Board of Directors (BOD) of the company will increase authorised share capital from Rs 30 crore to Rs 55 crore and consequential alteration of Memorandum and Articles of Association, subject to approval of shareholders in the ensuing AGM.

The company will also raise funds by way of international offering of Global Depository Receipts (GDRs) American Depository Receipts (ADRs) Foreign Currency Convertible Bonds (FCCBs) or any other securities convertible into equity shares up to a limit of 25 million dollars or its equivalent, subject to approval by shareholders under Section 81(1A) of the Companies Act, 1956, it said in a statement to BSE.

Birla will seek the consent of the shareholders for increasing the borrowing powers of the Board of Directors u/s 293(1)(d) of the Companies Act, 1956 up to a limit of Rs 300 crore.

It will also seek the consent of the shareholders for authorising the BOD to secure the borrowing by way of charge/mortgage/hypothecation on the company's assets under section 293(1)(a) of the Companies Act, 1956, within the overall limit of Rs 300 crore, the statement added.

UNI