Webel-Sl shareholders approve possible Rs 1.5 billion convertibles sale

By Laura Lutz

Des Moines, July 17 -Webel-Sl Energy Systems Ltd. shareholders consented to a Rs 1.5 billion issue of securities, including possible convertibles, at a July 15 extraordinary general meeting.

The permission covered global depository receipts, American depository receipts, foreign currency convertible bonds or a placement of securities with qualified institutional investors.

The company would use proceeds of the offering for its Greenfield project.

The shareholders also agreed to a Rs 25 million increase in the authorized share capital to Rs 100 million; an alteration of the capital clause in the company's articles of association; an increase in the company's borrowing powers to Rs 2.5 billion from Rs 750 million; and an investment by foreign institutional investors in up to 50% of the securities of the company. They also granted Webel-Sl the authority to mortgage its properties.

Kolkata-based Webel-Sl Energy produces solar photovoltaic cells and modules in India. Solar Photovoltaic cells convert direct sunlight into electricity.

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