Adlabs seeks shareholder permission to borrow Rs 10 billion

MUMBAI: Adlabs Films Ltd is seeking shareholders’ approval, by way of postal ballot, to borrow money up to Rs 10 billion. The company has recently raised $100 million through offering of foreign currency convertible bonds (FCCBs).
 
“This is just an enabling clause which will allow us to borrow whenever required,” says Adlabs Films CMD Manmohan Shetty.

The company is also seeking the shareholder permission to increase its authorised share capital from Rs 25,00,00,000 divided into 5,00,00,000 equity shares of Rs 5 each to Rs 30,00,00,000 divided into 6,00,00,000 equity shares of Rs 5 each with the power to the Board to decide on the extent of variation in such rights and to classify and re-classify from time to time such shares into any class of shares and consequential amendment in the memorandum & Articles of Association of the company.