Surana Industries to raise $50 million through FCCB
19 Dec 2006
Chennai: The board of Chennai-based steel manufacturer Surana Industries Limited (SIL), has approved a proposal to raise up to $50 million through placement of foreign currency convertible bonds (FCCB) as well as equity by way of qualified institutional placements.
The five-year tenure FCCB will be due in June 2012 and will be listed on the Luxembourg Stock Exchange. Funds generated from this offering will be utilised towards implementation of their proposed integrated steel plant at Raichur.
The
board has also approved to raise the foreign shareholding
limit up to 75 per cent of the paid-up capital of the
company.
