State-run trading firm MMTC today said it has sought shareholders' approval for investing Rs 180.69 crore in its joint venture firm Neelachal Ispat Nigam (NINL).
MMTC has a controlling 49.9 per cent stake in the JV, a pig iron manufacturing company.
It will further invest Rs 180.69 crore in the firm against the rights issue by subscribing 9.03 crore equity shares for face vale of Rs 10 each at a premium of Rs 10 per piece, the company said in a filing to the Bombay Stock Exchange.
The trading firm will pump the money in order to meet the capital requirements of NINL, the filing added.
Besides, the trading giant is also looking to increase the investment limits in its joint venture companies -- Sical Iron ore Terminals and MMTC-PAMP India.
The company plans to increase its investment from Rs 32.95 crore to Rs 33.80 crore in Sical, for setting up a port with loading facilities at Ennore port.
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While, in MMTC-PAMP, it intends to raise the limit from Rs 12.48 crore to Rs 15.60 crore, to set up a project for minting and refining of gold and silver.
Shares of MMTC closed at Rs 1,342, down 0.61 per cent from previous close on the BSE.