Schneider Electric Infra gets shareholders nod to hike borrowing limit by Rs 100 crore
The company had proposed a resolution to hike borrowing limit to Rs 550 crore from Rs 450 crore, later last month through postal ballot.
By PTI |
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New Delhi: Schneider Electric Infrastructure on Tuesday said it has received shareholders' nod to raise its borrowing limit by Rs 100 crore to Rs 550 crore.
The company had proposed a resolution to hike borrowing limit to Rs 550 crore from Rs 450 crore, later last month through postal ballot.
The special resolution as embodied in the Postal Ballot Notice on May 15, 2020 has been passed by the members with requisite majority, the company said in a regulatory filing.
Due to the prevailing lockdown situation because of coronavirus (COVID-19) pandemic, the cash flows of the company are affected significantly and thus, in order to conduct its business operations smoothly and meet its working capital requirements, the company intends to raise the additional funds through borrowings, the company had said earlier.
The company had proposed a resolution to hike borrowing limit to Rs 550 crore from Rs 450 crore, later last month through postal ballot.
The special resolution as embodied in the Postal Ballot Notice on May 15, 2020 has been passed by the members with requisite majority, the company said in a regulatory filing.
Due to the prevailing lockdown situation because of coronavirus (COVID-19) pandemic, the cash flows of the company are affected significantly and thus, in order to conduct its business operations smoothly and meet its working capital requirements, the company intends to raise the additional funds through borrowings, the company had said earlier.
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