Globus Constructors & Developers has received an approval for the proposal of raising the aggregate FII investment limit of 24 percent to the sectoral cap i.e. 100 percent in the power generation business, the new business of the company. The board at its meeting held on April 19, 2012 has approved for the same. The above is subject to the prior intimation to the RBI and to the shareholder’s approval in forthcoming AGM of the company.
Recently, the company had received an approval to raise funds up to Rs 22 crore by issue of equity shares by way of Qualified Institutional Placements. The company had received an approval at its board meeting held on January 21, 2012.
Globus Constructors & Developers, formerly Gupta Fibres, is an India-based company. The company is entering into the new business area in the field of construction, infrastructure and real estate development.