Idea Cellular, which is awaiting the last leg of approvals from the department of telecommunications for the Idea-Vodafone merger, has also sought shareholders’ nod to issue non-convertible securities aggregating up to an amount not exceeding Rs 15,000 crore on private placement basis.
A clutch of companies has sought shareholders’ nod to raise a total of up to Rs 56,000 crore through non-convertible debentures (NCDs) in 2018-2019 on a private placement basis, according to notices for annual general meetings issued so far.
The largest such amount of Rs 20,000 crore that will be voted upon will be by the shareholders of Reliance Industries (RIL). The company in its AGM notice earlier this month has sought shareholders approval under special resolution to accord the board of directors of the company to offer or invite subscriptions for secured/unsecured redeemable non-convertible debentures, in one or more series/tranches.
The company did not give details of the utilisation of these NCDs. At last year’s AGM of the company, RIL had taken approval to raise up to Rs 25,000 crore through NCDs and raised Rs 20,000 crore via private placement of redeemable non-convertible debentures, it said in the annual report.
Idea Cellular, which is awaiting the last leg of approvals from the department of telecommunications (DoT) for the Idea-Vodafone merger, has also sought shareholders’ nod to issue non-convertible securities aggregating up to an amount not exceeding Rs 15,000 crore on private placement basis. The company’s shareholders will vote on the resolution in Idea Cellular’s extraordinary general meeting to be held on Tuesday in Gujarat. The utilisation of the proceeds will be on such terms and conditions as the board may, from time to time, deem fit, proper and appropriate, the company said.
Meanwhile, Tata Steel and UltraTech Cement have also sought permission from their shareholders to vote on the companies’ plans to raise Rs 12,000 crore and Rs 9,000 crore, respectively, through NCDs on a private placement basis.