 "A bird flies by the Vedanta office building in Mumbai")
Mining conglomerate Vedanta on Wednesday said its shareholders have approved the proposal to raise its limit of inter-corporate loans to Rs 80,000 crore.
The firm led by billionaire Anil Agrawal had called for a postal ballot to seek approval from the shareholders.
"The special resolution as proposed in the postal ballot notice dated April 28, 2016 is passed with requisite majority," it said in a regulatory filing.
The metals major was seeking approval to raise the limit of inter-corporate loans, investments and guarantees and security in connection with loans from Rs 60,000 crore to Rs 80,000 crore.
Explaining the rationale, it said, "The company being the flagship and holding company for various subsidiaries/ Wholly Owned Subsidiaries and associate companies, extends financial support in the form of investments, loans and guarantees/ security to various group companies and also in other entities from time to time as per decision of the Board."
Vedanta's shareholders had through postal ballot approved a limit of Rs 60,000 crore for making loans, investments, guarantees and security in October 2014.
