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BANGALORE: Himatsingka Seide Ltd has said that it has decided to raise $60 million through issue of global depository receipts (GDRs) to fund its expansion plans.

The exact amount to be raised, the number of shares to be issued, the price at which GDRs will be issued and timing of the issue would be decided in consultation with investment bankers and advisers and through book building process, the company said in a notice to the BSE.

Himatsingka also said that its shareholders at an EGM approved the company's plans to increase the authorised share capital from Rs 20 crore to Rs 50 crore. Shareholders also approved the stock split of one share of Rs 10 each into two shares of Rs 5 and the bonus issue of 1:1. They also approved the increase in FII limit from 24 per cent to 40 per cent and increase in borrowing limit of the company from the existing limit of Rs 30 crore over and above the paid-up capital and reserves to Rs 350 crore over and above the paid-up capital and reserves.

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