In a move that may contribute to the business growth of McNally Bharat Engineering, the board of the company cleared the proposal to issue non-convertible preference shares of up to Rs 120 crore in one or more tranches.
Consequently, the board also permitted the raising of the authorised share capital of the firm to Rs 160 crore from Rs 40 crore earlier.
In a communication to the stock exchange, the company said its board accorded approval to create, issue or offer, allot and deliver in one or more tranches on a private placement and or preferential Basis not exceeding 1.2 crore non-convertible redeemable preference shares of Rs 100 each of an aggregate amount not exceeding Rs 120 crore.
The shares could be offered to strategic and domestic investors, institutional buyers, mutual funds, banks, FIls, NRIs, insurance companies and corporate bodies etc, subject to necessary provisions and approvals, it added.
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