The decision was taken in the meeting held last month, the company said in a filing to BSE.
"Consequent to requisite resolutions having been passed by the shareholders in the extra-ordinary General Meeting... Committee of the Board, in its meeting held on March 30, 2013, has made allotment of 1,75,00,000 Cumulative Redeemable Preference Shares of Rs 100 each," the company said.
The shares of the company were trading at Rs 200 a piece on BSE, 48% high from the previous close.