Shriram EPC board approves Rs 300-cr preference share issue

NEW DELHI: Shriram EPC today said its board has approved raising Rs 300 crore by issuing cumulative redeemable preference shares in one or more tranches.

The board has approved the proposal at a meeting on October 22, it said in a BSE filing.

Shriram EPC said it would issue three crore cumulative redeemable preference shares of a face value of Rs 100 each in one or more tranches for an aggregate subscription price of Rs 300 crore.

The issue is subject to approval of the shareholders of the company to be obtained through a postal ballot and other regulatory authorities, it said.

Shriram EPC is a part of the USD 9 billion Shriram Group. It offers design, engineering, procurement, construction and project management services.