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Hinduja Foundries, at its extraordinary general meeting on Wednesday, has approved a resolution to increase the authorised share capital of the company from Rs 95 crore – divided into 5 crore equity shares of Rs 10 each and 45 lakh redeemable preference shares of Rs 100 each – to Rs 550 crore, divided into 20 crore equity shares of Rs 10 each and 3.5 crore redeemable preference shares of Rs 100 each.
The board also decided to issue and allot – in one or more tranches – on a private placement and/or preferential basis three crore 9 per cent redeemable, non-convertible, cumulative preference shares of Rs 100 each to the promoters of the company. The aggregate nominal amount of the allotment will not exceed Rs 300 crore, in the aggregate out of the authorised capital of the company.
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