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The shareholders would consider and approve the allotment of shares or securities at its extraordinary general meeting (EGM) to be held on February 28, the company said in a filing with the Bombay Stock Exchange.
Essar’s shareholders would consider and approve offering and allotting equity shares of Rs 10 each or equity shares through foreign currency convertible bonds or any other securities, convertible into or exchangeable with equity shares, it said.
Such securities would be offered in one or more public or private offerings or through private placement or qualified institutions placement as per the SEBI guidelines.
The EGM will also consider and approve authorising the board to mortgage assets in favour of all or any of the financial institutions, banks and foreign institutional investors to secure rupee loans, foreign currency loans, up to Rs 30,000 crore, it said.
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