Himalaya Urja Bikas (HURJA) Proposes Right Shares at a Ratio of 1:2; What are the Other Agendas?

The board of directors meeting of the Himalaya Urja Bikas  Company Limited (HURJA) has decided to amend and propose following agendas during the meeting held on Magh 13.

• It was decided to amend section 6(a) of the Articles of Association by increasing the authorized capital and the issued capital of the company to Rs. 3.50 Arba.

• It was decided to issue rights shares in the ratio of 1:2 of the current paid up capital of the company. For this, it was decided to take approval from the Electricity Regulatory Commission and submit it to the next general meeting for approval.

• It was decided to pay off the long- term loans taken from the banks after deducting the expenses from the capital received after the issue of rightful shares.

• It was decided to amend the Memorandum of Association so that the power to sell movable and immovable property that is not necessary for the company remains with the board of directors, and it was decided to submit a proposal to the next general meeting for approval.

The current paid-up capital of HURJA is Rs. 99 crores. Hence, after the rights issue at 200% i.e 1:2, the paid-up capital of the company will be enhanced to Rs. 2.97 Arba.
Likewise, the Last trading Price (LTP) of the company is Rs. 410.