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Our Bureau

Bangalore, Dec. 28

Rajesh Exports Ltd has informed the BSE that an extra ordinary general meeting (EGM) of the members of the company will be held on January 20 to increase the authorised share capital from Rs 7.5 crore to Rs 10 crore by creating 1,25,00,000 equity shares of Rs 2 each.

It will also consider issuing of GDR or ADR with option for conversion into equities while also looking at foreign currency convertible bonds and other instruments for an aggregate amount of $150 million.

The move to seek approval at the EGM is to enable the company to raise money through various options for meeting the company's expansion programmes such as setting up retail infrastructure and meeting the working capital.

The meeting will also consider a proposal for raising the borrowing limit from the current Rs 200 crore to Rs 1,000 crore, to enable it to meet its future plans to enter the real estate business.

Rajesh Exports recently announced the launch of a subsidiary, Bangalore Infra, to unlock the value of its huge land bank for conversion into commercial infrastructure projects.

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