CESC, the power generation and distribution company has decided to raise up to USD 150 million through a private placement. The board of directors of the company has approved the proposal.
The board has resolved to issue offer and allot, subject to the approval of the members of the company in terms of the provisions of the Companies Act, 2013 and of other applicable laws, regulations etc., equity shares / fully convertible debentures / partly convertible debentures / non-convertible debentures with warrants / any other securities (collectively referred to as QIP Securities) to Qualified Institutional Buyers (QIBs).
The board has also decided to hold a general meeting of the members of the company for the above purpose on Oct. 18, 2014. Also the board has also decided to appoint Pratip Chowdhury as an additional director of the company from Oct. 01, 2014 and also as its independent director for a term of five years with effect from the said date.
