Sesa Sterlite board approval for raising borrowing cap by 33%
6 Sep 2014 11:35 PM GMT
The board, which met on Friday, has also approved a proposal to issue convertible securities of up to Rs 6,000 crore besides giving nod for private placement of non-convertible debentures of up to Rs 4,000 crore, the metal and mining major said in a BSE filing.
‘The board in their meeting held considered and recommended passing ... enabling resolutions for increase in the borrowing limits of the company from Rs 60,000 crore to Rs 80,000 crore,’ it said.
The board has also approved creation of charge/mortgage over properties of the company for the purpose of the borrowing, Sesa Sterlite said.
The enabling resolutions, once approved by shareholders, would remain valid for one year from the date of getting their nod. The company board has also approved re-appointment of Dindayal Jalan as Whole-Time Director, designated as Chief Financial Officer, for two years till 30 September, 2016.
‘The board in their meeting held considered and recommended passing ... enabling resolutions for increase in the borrowing limits of the company from Rs 60,000 crore to Rs 80,000 crore,’ it said.
The board has also approved creation of charge/mortgage over properties of the company for the purpose of the borrowing, Sesa Sterlite said.
The enabling resolutions, once approved by shareholders, would remain valid for one year from the date of getting their nod. The company board has also approved re-appointment of Dindayal Jalan as Whole-Time Director, designated as Chief Financial Officer, for two years till 30 September, 2016.
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