The board approved the raising of funds subject to shareholders approval to be sought through postal ballot, the company informed the Bombay Stock Exchange.
The board also recommended a dividends of 6 per cent on 15 lakh non-cumulative redeemable preference shares of Rs 100 each, 5 per cent on 15 lakh cumulative redeemable preference shares of Rs 100 each and 5 per cent on 2.33 crore CRPS of Rs 10 each, it said.