Schneider Electric Infrastructure Seeks Shareholders' Nod To Raise Borrowing Limit To Rs 900 Crore
The filing explained that the members, vide a special resolution passed through postal ballot on June 21, 2020, approved and authorised the board with the total borrowing limits up to Rs 550 crore.
Schneider Electric Infrastructure will seek shareholders' approval to raise its total borrowing limit to Rs 900 crore from the existing Rs 550 crore through postal ballots.
The e-voting for postal ballot will start at 9 am on Thursday and end at 5 pm on Friday, as per a BSE filing.
The filing explained that the members, vide a special resolution passed through postal ballot on June 21, 2020, approved and authorised the board with the total borrowing limits up to Rs 550 crore.
With an objective to have a scope for restructuring the financing avenues between external banks and intercompany loans with a headroom for future requirements to support business operations and working capital, the approval to increase borrowing limits is sought from the shareholders, it said.
The company has proposed to enhance the borrowing limits, in excess of the aggregate of its paid-up share capital, free reserves and securities premium as per the latest annual audited financial statements, from the existing limit of Rs 550 crore to Rs 900 crore.
The borrowing limits are in addition to the temporary loans obtained from the company's bankers in the ordinary course of business.