Genus Power Infrastructures will seek shareholders' approval for raising its borrowing limit to Rs 5,000 crore from existing Rs 3,000 crore through a postal ballot.
Members can vote only through the e-voting process which will commence on March 30 at 9.00 am and end on April 28 at 5:00 pm, a BSE filing stated on Thursday.
In view of the increase in business activities and to seize the available business opportunities under CAPEX-OPEXTOTEX base BOOT Model in the power distribution section, it is proposed to increase the borrowing limit from Rs 3,000 crore to Rs 5,000 crore, the notice said.
The Members of the Company had accorded their consent on July 31, 2023 to the Board of Directors for borrowing monies (apart from the temporary loans obtained from the Company's bankers in the ordinary course of business) up to Rs 3,000 crore.
The company will also seek shareholders' approval to enable the board to secure such borrowings by the creation of charge on assets/properties of the company up to Rs 5,000 crore as stated in the resolutions.
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