Galvanized steel towers maker Sujana Towers Ltd said it will raise Rs 44 crore by issuing equity shares and convertible warrants to promoters on preferential basis.
The management committee of the board of directors took a decision to this effect at its meeting on July 7, Sujana Towers on Thursday said in a filing to the Bombay Stock Exchange.
The committee also approved a resolution to seek the shareholders' nod for raising of equity share capital by way of issuing equity shares/warrants to the promoters through postal ballot, it said.
It further cleared the appointment of Y Ravi Prasada Reddy, practicing company secretary as Scrutinizer for the postal ballot process, it said.
It also authorized G Srinivasa Raju, Managing Director and L Narasimha Rao, company secretary, to complete the process of postal ballot, it said.
Shares of the company closed at Rs 22.70, down 6.20 per cent from the previous close on the BSE.