Ujaas Energy Approves Resolution To Raise Up To Rs 500 Crore, 1:4 Bonus Share

Ujaas Energy Ltd. on Monday approved the proposal to raise up to Rs 500 crore through qualified institutional placement, follow-on public offer, global depository receipts or rights issues.

The fundraise will be subject to the approval of shareholders in the ensuing annual general meeting, according to the company's exchange filing.

The board of directors has also approved to issue bonus shares in the ratio of 1:4—one new, fully paid-up share for every four existing fully paid-up shares held by the shareholders. The bonus issue is also subject to approval from shareholders in the AGM. The company will issue the bonus shares within two months from the date of board approval.

In addition, the board has approved the resolution to borrow funds up to Rs 1,000 crore.

The company has also proposed the reappointment of Vikalp Mundra as director, subject to approval in the AGM.

Shares of Ujaas Energy closed 5% higher at Rs 282.70 apiece, as compared with a 0.35% advance in the NSE Nifty 50.