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Kolte-Patil Developers announced that the Board of Directors has approved in their Board Meeting held on 28 June 2014, the following agenda items, which are subject to the members approval of the Company, by way of a postal ballot u/s 110 of the Companies Act, 2013 (‘the Act') and Rules framed thereunder:
a. Borrowing Limits under section 180(1) (c) of the Companies Act 2013;
b. Mortgage or Creation of Security pursuant to section 180(1) (a) of the Companies Act 2013, to avail the borrowing / loan facility;
c. To Issue Non-Convertible Debentures (NCDs) through private placement;
d. The "Postal Ballot Notice" to be sent to shareholders; and
e. Object of the issue of debentures (Non-Convertible Debentures) i.e. to refinance existing high-cost loans and achieve Lower interest expense, longer maturity funding.
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