Karuturi Networks, the Bangalore-based floriculture firm, has sought shareholders’ approval by way of postal ballot to empower company’s board of directors to lease, sell or dispose off of its various units — agriculture, floriculture, retail flower and ISP business.
The company has also sought approval to increase its borrowing limit upto Rs 1,500 crore and change its name from ‘Karuturi Networks Ltd’ to ‘Karuturi Global Ltd’.
Karuturi Networks, in a release, to exchanges, has said: “Leasing, selling or disposing off the business units is considered in the best interest of the company and that the board be empowered to take such other steps as may be deemed expedient and necessary, in the best interest of the company.”
In addition to these resolutions, the authorised share capital of the company comprising of 60 million equity shares aggregating to Rs 60 crore with a face value of Rs 10 is being sub-divided into 600 million equity shares of Re 1 each aggregating to Rs 60 crore and consequential amendments in the Memorandum and Articles of Association of the company.
The company, early this year, acquired Africa-based rose exporter for around $50 million.
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