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IL&FS Engineering and Construction Company Ltd has decided to issue up to 2,12,74,442 equity shares of Rs 10 each on a preferential basis at a price to be finalised as per the applicable SEBI Regulations.
The board of directors of the company at its meeting held on November 28 has resolved to allot preferential shares, subject to the approval of members of the company, to meet the company’s capital requirements.
The board has proposed to allot shares to Infrastructure Leasing and Financial Services Ltd and/or IL&FS Financial Services Ltd, which are part of the promoter & promoter group, and to SBG Projects Investments Ltd, which comes under the public category.
The board has resolved to complete the process during the quarter ending March 2015 and authorised the executive committee of directors to undertake all steps required in this regard.
Accordingly, it has resolved to withdraw the existing proposal of rights issue of equity shares and the draft letter of offer filed with SEBI on March 28, 2014.
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