Escorts to raise Rs 778cr

The board of directors of Escorts, which met today, has approved a proposal to issue redeemable preference shares up to Rs 777.76 crore to NRI investors. This was announced in a release issued to the BSE today.

The board also approved a proposal to restructure the authorised share capital by consolidating existing unclassified shares of Rs 333 crore and increase it by an additional Rs 440 crore.