CESC to raise $150mn via overseas float

A committee of directors (CoD) constituted by the board of directors of CESC today approved a proposal to raise up to $150 million by issue of shares via global depository receipts/American depository receipts or other equity-linked issues.

According to a release issued by the company to the BSE today, the committee also approved a proposal to reorganise the authorised share capital by creation of further 2,82,50,000 equity shares of Rs 10 each, and cancellation of 2,82,50,000 cumulative redeemable preference shares of Rs 10 each.