UGRO Capital board okays Rs 1,314 cr fund raise via rights issue, unsecured compulsorily convertible debentures

The company said it will raise Rs 400 crore through issuance of equity shares of face value Rs 10 each by way of rights issue

The board of directors of UGRO Capital on May 20 approved the fundraising of Rs 1,314.30 crore through right issue and unsecured compulsorily convertible debentures, according to the exchange filing.

The company said it will raise Rs 400 crore through issuance of equity shares of face value Rs 10 each by way of rights issue, to the eligible equity shareholders of the company as on the record date.

The company will also be raising of funds through the issuance of 49,421,464 fully paid-up unsecured compulsorily convertible debentures (CCDs), having face value of Rs 10 each to the non-promoter allotees by way of a preferential allotment for an amount upto Rs 914.30 crores at an issue price of Rs 185 for each CCD, release said.

Further, the release also said that the board has also approved to increase authorized share capital to Rs 270 crore, from Rs Rs 215 crore.

The authorized capital increase to Rs 270 crore will be divided in to 24,95,00,000 (Twenty-Four Crores Ninety-Five Lakhs) equity shares of Rs 10 each and 2,05,00,000 (Two Crores Five Lakhs) preference shares of Rs  10.