Suryachakra may increase capital to Rs 135 cr

Hyderabad: Suryachakra Power Corporation Ltd has convened an extra ordinary general meeting (EGM) of the company on February 29 to consider increase of the authorised share capital from Rs 90 crore to Rs 135 crore.

The company is set to consider issue of foreign currency convertible bonds (FCCBs) and other instruments to raise funds up to $100 million to meet its expansion plans.

At the EGM, the company plans to consider offer of 2.1 crore convertible warrants at Rs 38 per warrant convertible into equal number of equity shares within a period of 18 months from the date of allotment of warrants.

Alongside, the company plans to allot Kalyan Securities Ltd (1.05 crore), Mannepalli Investments (63 lakh warrants ), Dr S.M. Manepalli (21 lakh warrants), among others.

The company management would seek nod to hike the borrowing power up to Rs 750 crore. It had earlier allotted Rs 68 crore for investment in MSM Energy Ltd to enter into power trading business.