The company,has already received approval of shareholders to raise the amount for repaying part of its debt. In a filing to the Bombay Stock Exchange, the firm said the board of directors approved the preliminary placement document and decided to open the bid period as specified in the placement document.
The shareholders had accorded their permission by passing a special resolution to this effect at the 10th annual general meeting held on September 30 2009. The shareholders authorised the board of directors to raise the said amount by evaluating various options, including qualified institutional placement and issuing securities in accordance with the Sebi guidelines.
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