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The board of directors of Gayatri Projects Ltd has decided to increase the authorised share capital of the company from Rs 40 crore to Rs 80 crore. It has also decided to increase the company's borrowing powers and raise funds.
In a filing made with the BSE, the company said that its board meeting held on Friday approved a move to seek shareholders' nod through a postal ballot for increasing the borrowing powers of the company and creation of security on the properties of the company from Rs 7,000 crore to Rs 9,000 crore.
The Hyderabad-based construction and infrastructure company has also decided to raise funds up to Rs 300 crore through issue of securities to meet part of its funding requirements.
The increase in authorised share capital of the company from Rs 40 crore to Rs 80 crore requires necessary amendment to be made to the Memorandum of Association of the company.
Among other decisions, the board has also decided to increase the FII (foreign institutional investor) investment limit in the company.
The company shares were trading at Rs 157.05. down 4 per on the BSE.
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