Globus Spirits board approves raising of up to Rs 500 cr

Liquor maker Globus Spirits Ltd on Thursday said its board has approved raising up to Rs 500 crore through the issuance of equity shares.

The board of directors of the company, at its meeting held on Thursday, approved raising funds by way of issuance of equity shares having a face value of Rs 10 each, for an aggregate amount not exceeding Rs 500 crore, Globus Spirits Ltd said in a regulatory filing.

The issuance could be in one or more tranches, through various modes, including qualified institutions placement, preferential allotment or a private placement, subject to regulatory and shareholders' approvals, it added.

The board has also approved the constitution of a fundraising committee to deal with all matters pertaining to the proposed fundraising, the company said.

Also, a proposal to enhance the aggregate Foreign Portfolio Investors (FPIs) investment limit to 20 per cent of the paid-up equity share capital subject to the approval of shareholders, it added.

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