Realty firm HDIL has sought shareholders approval to issue up to 2 crore warrants on preferential basis to promoter Sarang Wadhawan in order to infuse long term capital into the company.
The board on November 14 had approved the issue up to two crore warrants, convertible into equivalent number of equity Shares of Rs 10 each to Sarang Wadhawan, promoter of the company on preferential basis in one or more tranches.
The company has sought shareholders approval through postal ballot, Mumbai-based HDIL said in a regulatory filing today.
"At the annual general meeting held on September 29, 2017 shareholders had approved the said issue but it could not be implemented as due to procedural delay and validity of the resolution had expired hence the said resolution is placed before the shareholder for their consideration by way of Postal ballot," the filing said.
The proceeds of the preferential issue of warrants will be utilised by the company to consolidate and infuse long term working capital.
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