Jaybharat Textiles to raise Rs 5000 cr via QIP

MUMBAI: Textiles and construction firm Jaybharat Textiles and Real Estate today said it will raise Rs 5,000 crore through placement fo shares on preferential basis and issue bonus shares in 1:2 ratio.

The shareholders have approved fund raising through QIP on preferential basis at the annual general meeting held on September 4, Jaybharat Textiles and Real Estate today informed the Bombay Stock Exchange in a regulatory filing.

It also granted permission to issue one fully paid bonus share for two held by the existing shareholders, the company said.

The shareholders also passed a resolution for enhancing borrowing power up to Rs 8,000 crore, it said.

The AGM also resolved to more than double its authorised equity capital to Rs 150 crore divided into 75 crore equity shares of Rs 2 each, it said.

The shareholders also approved appointment of A F Khasgiwala & Co. as Statutory Auditors of the Company, it said.

It also ratified the appointment of Farindra Bihari Rai and Rajshekhar Ganiger as directors.

Shares of the company closed at Rs 478.50, up 10 per cent from the previous close on the BSE.