Education solutions provider Edserv Softsystems today said it has received approval from its shareholders to raise funds through various options, including issuing securities of up to $500 million (about Rs 2,200 crore) in the overseas market.
The shareholders, at the extra-ordinary general meeting of the company held today, approved the "issue of American/Global depository receipts or FCCB (foreign currency convertible bonds) not exceeding a sum of $500 million," Edserv said in a filing to the BSE.
They also approved the "power of the company to mortgage or hypothecate the assets of the company whether movable or immovable up to a sum not exceeding Rs 2,000 crore", it said.
Shareholders also approved the company's plan to borrow up to Rs 2,000 crore from various avenues.