The board of directors of SEPC Ltd. approved a proposal to increase the authorised share capital of the company from Rs 1,750 crore to Rs 2,250 crore, according to an exchange filing on Thursday.
The move will be subject to the approval of the shareholders of the company and to alter a clause in the authorised share capital of memorandum of association of the company accordingly, SEPC said.
The board also gave its nod to a proposal to raise funds through issuance of equity shares of the company of a face value of Rs 10 each to its eligible equity shareholders on a rights basis. The rights issue will be for an aggregate amount of Rs 350 crore, inclusive of a premium, if any, according to the filing.
The move will be subject to the receipt of necessary approvals from regulatory authorities and in accordance with applicable provisions of the Companies Act, SEBI (Issue of Capital and Disclosure Requirements) Regulations and other applicable laws, it added.
On Aug 12, Shriram EPC FZE, a subsidiary of the company, bagged a project for the construction of a cement project for more than $325 million or about Rs 2,700 crore, from JV Ohongron Sement MS LLC in Tashkent, Uzbekistan.
The project involves the construction of a 3 million-tonne greenfield cement plant at Urgaz Village, Akhangaran district, Tashkent, Uzbekistan, on a turnkey basis. The project is to be executed in 30 months.
The share price of SEPC closed 2.34% higher at Rs 23.90 apiece on the NSE, compared to a 0.11% decline in the benchmark Nifty 50. The stock has risen 17.73% on a year-to-date basis and fell 0.42% over the past 12 months. No analyst tracks the company.
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