ISMT to raise Rs 350 cr via FCCBs

MUMBAI: ISMT Ltd on Monday said it will rise over Rs 350 crore through issue of foreign currency convertible bonds, or other securities.

At the meeting held today, the board approved raising the amount through the issue of FCCBs, GDRs, equity shares, by way of private placement, or a rights issue, the company informed the Bombay Stock Exchange.

The company said the Committee of the Board of Directors was also authorised to finalise the modes, timing, terms and conditions of the issue.

Shares of the Pune-based company closed down 2.16 per cent on the BSE on Monday at Rs 72.40.