Lanco Infra to invest up to Rs 6K cr in subsidiaries, firms
Lanco Infratech on Friday said it will seek shareholders’ approval to invest up to Rs 6,000 crore via securities in companies, including its subsidiaries, to meet its capital commitments.
For the period ended March 31, 2015, the firm had made an investment in other companies through securities worth Rs10,959.25 crore, which includes investment in its wholly-owned subsidiaries, subsidiaries and associate companies, it said in a regulatory filing.
“To meet future capital commitments of the company into various companies, it is therefore proposed to seek approval of members so as to make additional investment in securities of other companies up to Rs 6,000 crore in addition to existing investments and available un-utilised investment limits…,” the filing added.
Lanco Infratech will place the special resolution before its shareholders at the company’s annual general meeting, scheduled later this month.
The firm said through the resolution its Board will be authorised “to invest or acquire the securities of any other body corporate including its subsidiary company(ies) by way of subscription/purchase or otherwise, up to a sum of Rs 6,000 crore”.
For the June quarter this fiscal, Lanco Infratech posted a marginal decline in its consolidated net loss at Rs 300.36
crore from Rs 306.35 crore in the year-ago period.
The total income, however, declined to Rs 1,541.72 crore from Rs 2,604.52 crore in the year-ago period.