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McDowell shareholders approve borrowing

BANGALORE: The shareholders of McDowell & Company during the annual general meeting held here on Friday adopted a resolution permitting the board of directors to borrow up to Rs. 5,000 crore for financing future plans. This would help the company raise funds to finance various activities such as working capital requirements, strategic investment and for any merger or acquisition. The meeting also adopted another resolution allowing investment by foreign institutional investors up to 49 per cent.

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