Prajay Engineers raises $60 mn via FCCBs

MUMBAI: Hyderabad-based construction company, Prajay Engineers Syndicate Ltd on Wednesday said it has raised $60 million through the issue of foreign currency convertible bonds (FCCB) in international markets.

The company issued 6,000 FCCBs of $10,000 each to be listed on the Singapore Stock Exchange, Prajay Engineers informed the Bombay Stock Exchange.

The bonds are convertible into equity shares at a price of Rs 208 each, at a premium of 22 per cent of the volume weighted average price of the scrip in the last 10 business days on the Bombay Stock Exchange.

The shares of the company were trading at Rs 158, down 6.98 per cent at the BSE.