Hinduja Foundries board has given its approval to raise up to Rs 400 crore through Global Depository receipts (GDRs).

Hinduja group said in a BSE filing that its Board at their meeting on January 25, 2016 “approved the issue of GDRs to promoters, promoter group company(ies) and any other entity which is a subsidiary, associate of its parent, group companies or any other entity eligible to invest in GDR for an amount up to Rs 400 crore.”

It further added that the Finance Committee of the Board will now complete the modalities for the issue of GDRs including appointment of merchant bankers, depository, legal advisors, custodian advisors to the issue as also filing necessary applications with the requisite stock exchanges.

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