The board also approved amendment in Clause 3 (B) of the Memorandum of Association of the Company by inserting new ancillary object.

“Subject to the provisions of the Companies Act, 2013 and the Articles of Association, to lend or deposit moneys or grant loans belonging to or entrusted to or at the disposal of the Company to such person or company or entities and in particular to customers and others having dealings with the Company with or without security, upon terms as may be thought proper and guarantee the performance of contracts by such person or company but not to do the business of banking as defined in the Banking Regulation Act, 1949 and to make advances upon or for the purchase of materials, goods, machinery, stores and other articles required for the purpose of the Company.'

The Board also approved raising of funds up to Rs 211 crore by way of equity issuance.