Shalby Limited on Monday said that it will raise up to ₹117 crore as it is set to reduce the promoters’ holding from the current 79.45 per cent to 75 per cent and take the public shareholding in the company to 25 per cent as mandated by the market regulator SEBI.

The board of directors of the Ahmedabad-based hospital chain has passed a resolution to raise the funds through multiple options including issuance of equity shares, convertible securities / warrants / GDRs / American Depository Receipts / issuance of unsecured or secured listed and or unlisted, Foreign Currency Convertible Bonds (FCCBs) or other similar security denominated in foreign currency through preferential issues, private placements, QIP or rights issue.

The said resolution is subject to approval from shareholders and all regulatory or statutory approvals.

The company also constituted a fund-raising committee to look after related activities. The committee includes ’, CMD of the company as its Chairperson and Sujana Shah, independent director and Shyamal Joshi, non-executive and non-independent director as members.

The company will obtain the approval of the members through Postal Ballot / EOGM, for enabling resolution authorising the Board of Directors to explore various options available to reduce the promoters’ holding and to increase public shareholding to at least 25 per cent, Shalby said in a statement.

Shalby shares ended negative on BSE at ₹80.05 on Monday, down by 0.68 per cent from its previous close.