Adlabs to raise borrowing limit to Rs 1,000 cr

Adlabs Films, the entertainment company controlled by Anil Dhirubahi Ambani group, plans to increase the borrowing limit to Rs 1,000 crore. The company will seek shareholders permission pertaining to the proposal through postal ballot.

Industry sources said the proposed hike in borrowing limit was on line with the company's expansion plan. It has recently raised $ 100 million (nearly Rs 460 crore) through foreign currency convertible bonds (FCCBs).

The company also plans to hike authorised share capital of from Rs 25 crore to Rs 35 crore. It's authorised share capital consists of 5 crore equity shares of Rs 5 each. It plans to increase the number of authorised shares to 6 crore.

The Ambani company has appointed Janak C Pandya, practising company secretary, as scrutinizer for conducting postal ballot .

The scrutinizer will submit his report to the chairman after completion of the scrutiny and the results of postal ballot will be announced on 12 January, 2006.