NEW DELHI, Aug 10 (Reuters) - Debt-laden Indian telecoms carrier Reliance Communications is seeking shareholders’ approval to increase its authorised share capital to 25 billion rupees ($452 million) from 15 billion rupees currently, it said in a notice for its annual general meeting.
“The company, in order to meet its growth objectives and to strengthen its financial position, may be required to generate long term resources by issuing securities,” Reliance Communications said.
“It is therefore deemed appropriate to increase the authorised share capital of the company.”
The company will also seek approval of shareholders to issue securities to qualified institutional buyers in its annual general meeting, scheduled for Sept. 4.
It sought similar approvals for securities issues to funds in the past two fiscal years, but has not sold any share. ($1 = 55.3250 Indian rupees) (Reporting by Devidutta Tripathy; Editing by Sunil Nair)