Max Ventures & Industries, a part of the $2-billion Max Group, has been authorised by shareholders to borrow up to Rs 300 crore.
The authorisation was given to the company at its first annual general meeting which was held yesterday.
At the AGM, the company said the business was transacted for “authorisation to the board of directors for borrowing up to an amount not exceeding Rs 300 crore’’.
Authorisation was also given to create mortgage or charge over the assets of the company under the Companies Act, 2013, the company said in a regulatory filing.
Max Ventures & Industries was formed as one of the resultant entities following the demerger of the erstwhile Max India Ltd in January 2016.
The company’s stock had started trading on the BSE and NSE earlier this year in June 2016.
MVIL, the holding company for Max Speciality Films, an innovation leader in speciality packaging films manufacturing, has taken key expansion measures over the past few months.
Max Group’s entrepreneurial arm, MVIL, had reported consolidated operating revenues of Rs 154.9 crore and a consolidated profit before tax of Rs 3.8 crore in the first quarter ended June.
Analjit Singh is the Chairman of the company and Sahil Vachani MD and CEO.
MVIL stock ended down by 0.84 per cent at Rs 53.15 on the BSE.