Sesa Board nod for raising borrowing cap to Rs 80K cr

Written By Unknown on Minggu, 07 September 2014 | 23.25

The Board has also approved creation of charge/mortgage over properties of the company for the purpose of the borrowing, Sesa Sterlite said.

Sesa Sterlite  Friday said its Board has approved an enabling resolution for raising its borrowing limit by over 33 percent to Rs 80,000 crore.

The Board, which met Friday, has also approved a proposal to issue convertible securities of up to Rs 6,000 crore besides giving nod for private placement of non-convertible debentures of up to Rs 4,000 crore, the metal and mining major said in a BSE filing.

"The Board in their meeting held today considered and recommended passing ... enabling resolutions for increase in the borrowing limits of the company from Rs 60,000 crore to Rs 80,000 crore," it said.

The Board has also approved creation of charge/mortgage over properties of the company for the purpose of the borrowing, Sesa Sterlite said.

The enabling resolutions, once approved by shareholders, would remain valid for one year from the date of getting their nod.

The company Board has also approved re-appointment of Dindayal Jalan as Whole-Time Director, designated as Chief Financial Officer, for two years till September 30, 2016.

Sesa Sterlite stock price

On August 22, 2014, Sesa Sterlite closed at Rs 281.05, up Rs 2.75, or 0.99 percent. The 52-week high of the share was Rs 318.40 and the 52-week low was Rs 168.30.


The company's trailing 12-month (TTM) EPS was at Rs 4.85 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 57.95. The latest book value of the company is Rs 113.60 per share. At current value, the price-to-book value of the company is 2.47.


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