IL&FS Engineering and Construction Company today said its shareholders have approved issuance of over one crore equity shares and making investment of SAR 30 million (over Rs 50 crore) in Maytas Infra Saudi Arabia.
After the notice of postal ballot dated February 10, the members of the company passed certain special resolutions and that include "issuance of up to 10,513,238 equity shares of Rs 10 each on preferential basis".
It also passed the resolution for "making investments in Maytas Infra Saudi Arabia Company up to SAR (saudi riyal) 30 million," the company said ina NSE filing.
The resolutions were passed with an overwhelming majority.
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