The company had also proposed to amend its Memorandum of Association to give effect to the increase in share capital, which has also been approved by shareholders.
“The two Resolutions have been passed by the Members of the Company with requisite majority on 24th June 2020, being the last date of voting,” it said in a regulatory filing.
The company had proposed to increase its authorised share capital from Rs 579 crore (divided into 350 crore equity shares of Re 1 each and 2.29 crore cumulative redeemable preference shares of Rs 100 each) to Rs 779 crore by creation of 200 crore equity shares of face value of Re 1 each.
Giving reasons for seeking increase in share capital, it had earlier said, “The Company is working on a long term strategic plan focused on strengthening the balance sheet and to improve its overall return metrics.”
The plan includes divestment of certain investments and restructuring of some of its businesses to unlock value.
Implementation of these plans and consequent strengthening of the balance sheet is expected to provide a strong platform for the company to participate in emerging opportunities in the power sector, it had said.
In order to ensure that the company is adequately capitalised, it is proposed to increase the authorised share capital to Rs 779 crore, it had stated.
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