SEPC Ltd.’s board of directors has approved a proposal to increase the company’s authorized share capital from Rs 1,750 crore to Rs 2,250 crore, according to an exchange filing on Thursday.
According to SEPC, the move requires the approval of the company’s shareholders and the authorized share capital provisions in the company’s articles of association will be changed accordingly.
The board also agreed to a proposal to raise funds by issuing shares of the company with a face value of Rs 10 on rights basis to eligible equity shareholders. According to the application, the total rights issue amount will be 350 million rupees, including premium, if any.
The transfer is subject to obtaining necessary approvals from the regulatory authorities and will be done in accordance with the applicable provisions of the Companies Act, SEBI (Issuance of Capital and Disclosure Requirements) Regulations and other applicable laws, it added.
