IL&FS Engineering & Construction Co announced that the Board of Directors of the Company at its meeting held on 02 July 2015, has resolved, subject to the approval of members of the Company and other statutory / regulatory approvals, to
1. issue up to 89 lakhs Equity Shares of Rs. 10/- each on a preferential basis at a price to be finalized as per the applicable SEBI Regulations to Infrastructure Leasing and Financial Services Limited and/ or IL&FS Financial Services belonging to Promoter & Promoter Group, in view of its requirement of Capital to meet ongoing funding requirements.
The Board of Directors resolved to complete the process during the quarter ending September 2015 and authorized Executive Committee of Directors to undertake all steps required in this regard
2. Further issue for an amount up to Rs. 500 crore by way of Qualified Institutional Placement / Rights Issue / Convertible Securities, or in any combination, to the eligible Investors in accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (ICDR Regulations)
The timing, mode of issuance, pricing and exact quantum of the securities to be issued shall be decided by the Board of Directors.