Textile firm Welspun India today said that shareholders of the company have approved to raise up to $75 million (nearly Rs 350 crore) through the issue of securities.
The shareholders have further "authorised the board to permit foreign institutional investors to acquire and hold shares of the company up to an aggregate limit of 49 per cent of paid up share capital of the company," Welspun India said in a filing to the BSE.
The decision was taken during the extra ordinary general meeting of the company held today.
Shares of Welspun India today closed at Rs 90.75 on BSE, down 0.87 per cent from its previous close.