Drug firm Strides Arcolab is seeking shareholders' nod to authorise its board to earmark up to Rs 2,000 crore for investment and loan purposes.
The approval of shareholders is sought through a postal ballot. The e-voting will commence on June 10 and end on July 9, the company said in a filing to BSE.
"As a measure of achieving greater financial flexibility to enable optimal financing structure, it is proposed to authorise the board of directors of the company to invest into securities of any body corporate and/or give loan or give any guarantee, provide any security in connection with loans made up to Rs 2,000 crore," it said.
The outlay of the amount could be in one or more tranches in excess of the limits prescribed under Section 186 of the Companies Act, 2013, it added.
Strides Arcolab today closed at Rs 1,140.75 on BSE, up 1.86 per cent.
