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| Edited By: Shubhashish |Source: DNA |Updated: Mar 17, 2018, 03:45 AM IST
Prakash Industries plans to raise money through foreign currency convertible bond (FCCB) route for the second time.
The company, in a filing with the stock exchanges, said its board in a meeting on Friday approved raising Rs 267 crore through FCCBs to fund expansion plans. The issue opens on April 26.
The bonds will be listed on the Singapore Exchange Securities Trading Ltd in US dollar terms.
Elara Capital PLC, London is the sole lead manager and book runner for the issue.
An official close to the money-raising exercise told DNA Money that 70% of the FCCBs have already been pledged.
He said, “We have commitments of $35 million even before the book is supposed to open. This proves that the second round of money-raising will be successful as the first one.”
Prakash, in August 2009, had taken the shareholders approval to raise Rs 500 crore through FCCB, among other routes. In October 2009, it raised Rs 233 crore, nearly half of that to fund its power expansion project. The company is raising the remaining Rs 267 crore now. Prakash is in the midst of commissioning its two iron ore mines with a total capacity of 85 mt by August 2010.
