Anant Raj gets board nod to acquire cos

MUMBAI: Ceramic tile manufacturer, Anant Raj Industries Ltd has received approval from its board to acquire entire equity share capital of 20 companies.

At a meeting held yesterday the board approved the proposal to acquire the 20 companies including Anant Raj Hotels, Goodluck Buildtech, Elegant Buildeon, Highland Meadows and Springview Properties.

The acquisition is subject to shareholders approval, the company said in a filing on the Bombay Stock Exchange.

It added that the board also approved increasing the limit of investment by Foreign Institutional Investors (FIIs) to upto 40 per cent of the total equity share capital of the company.

A decision to increase the borrowing limit from Rs 100 crore to Rs 1500 crore was also given a nod at the meeting yesterday, the Haryana-based company said.