Electrotherm to raise Rs 300 cr from overseas mkts
Electrotherm India on Thursday said it will raise Rs 300 crore from the overseas markets through the issue of different securities like bonds, depositary receipts etc.
By PTI |
MUMBAI: Electrotherm India, engaged in metal heating industry and recently forayed into manufacture of battery-operated electric vehicles, today said it will raise Rs 300 crore from the overseas markets through the issue of different securities like bonds, depositary receipts etc.
"The Board of Directors of the company at its meeting held on May 24 has approved to raise funds by issue of Foreign Currency Convertible Bonds (FCCBs), American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) or any other means not exceeding Rs 300 crore, subject to approval of shareholders," Electrotherm said in a communiqué to the Bombay Stock Exchange.
The shareholders will give their consent at the 21st Annual General Meeting to be held on June 25, it added.
Earlier, Electrotherm India announced that IFC, the private sector arm of the World Bank Group, will invest over Rs 101.37 crore (25 million dollars) to help expand the production of environment-friendly vehicles in Gujarat.
Out of the 25 million committment, the debt consists of 15 million dollars repayable in 10 years, maker of various equipment for metal heating industry informed the BSE.
The company had recently ventured into the auto segment with battery-operated electric vehicles.
Shares of the company closed 1.02 per cent down at Rs 455.50 on the BSE.
"The Board of Directors of the company at its meeting held on May 24 has approved to raise funds by issue of Foreign Currency Convertible Bonds (FCCBs), American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) or any other means not exceeding Rs 300 crore, subject to approval of shareholders," Electrotherm said in a communiqué to the Bombay Stock Exchange.
The shareholders will give their consent at the 21st Annual General Meeting to be held on June 25, it added.
Earlier, Electrotherm India announced that IFC, the private sector arm of the World Bank Group, will invest over Rs 101.37 crore (25 million dollars) to help expand the production of environment-friendly vehicles in Gujarat.
Out of the 25 million committment, the debt consists of 15 million dollars repayable in 10 years, maker of various equipment for metal heating industry informed the BSE.
The company had recently ventured into the auto segment with battery-operated electric vehicles.
ADVERTISEMENT
Shares of the company closed 1.02 per cent down at Rs 455.50 on the BSE.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
