Essar Oil Ltd has informed that the shareholders at the Extra Ordinary General Meeting (EGM) of the Company held on February 28, 2008, inter alia, have approved the following:
1. Issue of USD 2,000,000,000 (United States Dollars Two thousand million only) by issue of equity shares and / or convertible debentures and / or GDSs / ADRs / FCCBs by way of public and / or private offering from domestic / international market(s) and / or, qualified institutions placement.
2. Enhancing the borrowing powers of the Company from Rs 25,000 crore to Rs 30,000 crore over and above the paid-up capital of the Company and its free reserves; and
3. Enhanced the power to create security on the assets of the Company for securing borrowings from Rs 25,000 crore to Rs 30,000 crore.
1. Issue of USD 2,000,000,000 (United States Dollars Two thousand million only) by issue of equity shares and / or convertible debentures and / or GDSs / ADRs / FCCBs by way of public and / or private offering from domestic / international market(s) and / or, qualified institutions placement.
2. Enhancing the borrowing powers of the Company from Rs 25,000 crore to Rs 30,000 crore over and above the paid-up capital of the Company and its free reserves; and
3. Enhanced the power to create security on the assets of the Company for securing borrowings from Rs 25,000 crore to Rs 30,000 crore.
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