Ujaas Energy seeking for shareholders’ approval to raise Rs 500 crore

Ujaas Energy is looking for shareholders’ approval to raise Rs 500 crore through issuance of equity or equity-linked instruments.

“It is proposed to raise funds of upto Rs 500 crore in one or more tranches through a mix of equity/equity-linked instruments..securities,” Ujaas Energy Ltd said in the notice of its annual general meeting, scheduled on September 22, 2016.

According to the company statement, The Board of Directors is of the opinion that the Company requires additional funds to meet with the needs of growing business, in addition to the funds raised internally and through debt from banks and financial institutions. Hence it is imperative to have enabling approvals to raise a part of the funding requirements for the said purposes as well as for such other corporate purposes as may be permitted under applicable laws through the issue of appropriate securities as defined in the resolution, in Indian or international markets.