Suryachakra Power to raise US$ 100 Million

Suryachakra Power Corporation Ltd has announced that the Board of Directors of the Company at its meeting held on November 29, 2007, inter alia, has decided / approved the below fund raising proposals, subject to the approval of the shareholders in the General Meeting.

The Board accorded its consent to the Company / management for finalizing the modalities to raise funds up to US $ 100 Million, for the purpose of funding of New Joint Venture Projects, for meeting cost of acquisition and for other purposes through issue of FCCBs / GDR / ADR / Private placement of Equity.

The Board also approved variation in the utilization of part proceeds of IPO, the approval of the Company in general meeting and consent / approval of Securities and Exchange Board of India (SEBI) or any other statutory authorities, which may be required, wherein an amount of Rs 10 Crores being the balance amount or any part thereof, which is yet to be invested in the Power Trading business, if not required to be invested in the Power Trading business, be and is hereby reallocated for use for investment in other Power Projects being executed / to be executed by the Company or through its Subsidiaries in Power Sector and general corporate purposes.

To increase the borrowing limits by the Company up to Rs 750 Crores only.

The Board accorded its consent to the Company / management for finalizing the modalities for the issue of Warrants convertible into equity shares to the Promoter / Promoter group on Preferential allotment basis subject to SEBI Guidelines and applicable regulations.

Source : Equity Bulls

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