IT firm Coforge Ltd, erstwhile NIIT Technologies, on Tuesday said its board has approved plans to raise up to Rs 375 crore through various instruments.
“The board has approved subject to applicable laws and receipt of shareholders and other necessary approvals the fresh issuance of equity shares by the company for the purpose of capital raising, including by way of a depository receipts issue or a Qualified Institutions Placement (QIP) or any other mode, subject to a limit of an amount not exceeding Rs 375 crore,” Coforge said in a regulatory filing.
The company said it has received board approval to raise funds through QIPs or to undertake an issuance of depository receipts (American Depository Receipts or Global Depository Receipts) in one or more tranches through a transfer of existing equity shares by eligible shareholders, not exceeding 18,500,000 equity shares or a fresh issue of shares by the company within the overall limit of Rs 375 crore.
Further, the company said its board has also decided to take the shareholders’ approval at the ensuing annual general meeting of the members of the company to be held on Friday, July 30, 2021, for the mentioned fund-raising activities.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.