The board of Vardhman Special Steels has approved borrowing up to a maximum of ₹200 crore.
In a communication to the stock exchanges, the company said this would be over and above the paid up capital and free reserves. However, total borrowings together with outstanding at any point of time would not exceed ₹200 crore.
The Board has also sought shareholder approval to mortgage or create charge on any movable or immovable property of the company.