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| Exchange Disseminated Time 06/11/2015 14:16:32 | IL&FS Transportation Networks Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 06, 2015, inter alia, has approved the proposals for:
1. Sale/Transfer/Divestment of investments in certain project special purpose vehicles/subsidiaries/joint ventures;
2. Alteration in the Main Object Clause of the Memorandum of Association of the Company;
3. Amendments to Clause III B and Clause III C of the Memorandum of Association of the Company to align with the provisions under the Companies Act, 2013
4. Increase in Borrowing limit of the Company from Rs. 9,000 Crores of Rs. 11,000 Crores and providing security to the Lenders under Section 180(a) and (c) of the Companies Act, 2013
5. Issue of Preference Shares to the extent of Rs. 750 Crores
The above are subject to approval of the Shareholders of the Company to be sought by way of Postal Ballot and all the requisite approvals as may be required from regulatory authorities and in accordance with the provisions of applicable law. |
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