Cholamandalam Investment and Finance Company Ltd plans to raise up to Rs 150 crore through a preferential allotment of equity shares at Rs 160 a share and up to Rs 100 crore through issue of cumulative redeemable preference shares.
The company’s board has convened an extraordinary general meeting on October 6 to seek the approval of shareholders for issuing and allotting 9,375,000 of equity shares to marquee investors and give authority to the directors to carry out the plan.
Earlier, at its meeting on July 28, the board had approved issue of equity shares up to Rs 150 crore and redeemable preference shares up to Rs 100 crore and authorised the directors to seek shareholders’ approval.