GUWAHATI: In a move to enhance the equity of Guwahati Smart City Limited (GSCL), the Assam Cabinet has approved the conversion of Grants-in-Aid into investment for GSCL in their weekly cabinet meeting on November 7.
The Assam government has allocated a sum of ₹318.98 crore to GSCL, which will be transformed into an investment aimed at fortifying the company.
In addition to the conversion of grants, the Assam Cabinet has also given the green light to increase GSCL's authorised Share Capital Limit.
The limit has been raised from ₹400 crore to ₹1,000 crore, with statutory fees set to be paid to the Registrar of Companies.
It is noteworthy that the initial enhancement of the authorised share capital will be met by GSCL itself, with subsequent reimbursement by the government.