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Our Bureau

Hyderabad , Jan. 31

GMR Technologies & Industries Ltd has informed stock exchanges that its shareholders at the extraordinary general meeting have given approval, by postal ballot with requisite majority, for making investments in equity shares of ING Vysya Life Insurance Company Pvt Ltd not exceeding Rs 120 crore.

According to the company, the shareholders also approved a proposal to making investments in or acquisition of equity shares of Sri Varalakshmi Jute Twine Mills Pvt Ltd not exceeding Rs 15 crore.

Further, the shareholders also accorded their consent for pledging shares of ING Vysya Life Insurance with lenders to GMR Investments Pvt Ltd or any other company, as security for monies lent to GMR Investments or such other company, which including the existing pledge of equity shares of ING Vysya Life Insurance would not exceed Rs 120 crore.

More Stories on : Mergers & Acquisitions | Life Insurance

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