Sundram Fasteners has issued a postal ballot to take the shareholders' approval for its proposed fund raising through non-convertible debentures (NCDs) upto a limit of Rs 300 crore.
The objective of raising funds through issue of debentures is to augment long term resources for refinancing and financing the Company's working capital requirements, capital expenditure and for general corporate purposes.
The postal ballot also seeks resolution to allow transfer of entire voting share capital of Cramlington Precision Forge Limited, United Kingdom and entire voting share capital of Sundram Fasteners (Zhejiang) Limited, China, to a new Intermediate Holding Company (IHC) to be formed in United Kingdom (which will be a wholly-owned subsidiary of the Company), for a consideration of Rs 249.99 crore to be settled by the IHC by way of issuance of shares of equal value in accordance with applicable laws.
