The board of directors of Bhagyanagar India on Friday approved issue of global depository receipts/ American depositary receipts convertible to equity shares/ foreign currency convertible bonds and/or qualified institutional placement and/or optionally or compulsorily convertible redeemable preference shares for an amount of up to $50 million (about ₹320 crore) or its equivalent in Indian rupees or any other currency, subject to approval of the members. The board also approved borrowing money in excess of the paid-up capital and free reserves of the company.

The company posted a profit of ₹67 lakh for the quarter ended March while it revenues stood at ₹69.29 crore.

On Friday, the shares of Bhagyanagar India tumbled 2.66 per cent to close at ₹18.3 on the NSE.

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