Sintex to raise over Rs 1,800 cr from domestic, intl mkts
Sintex Industries to raise Rs 1,800 crore through an issue of securities in domestic as well as international markets.
By PTI |
MUMBAI: Plastics product manufacturer Sintex Industries on Tuesday said it will raise over Rs 1,800 crore through the issue of securities in domestic as well as international markets.
The company has convened a shareholders meet on December 24, for considering various proposals to mop up funds to the tune of Rs 1,800 crore through the issue of securities in domestic and overseas markets, the company said in a filing to the Bombay Stock Exchange.
Sintex would issue Foreign Currency Convertible Bonds (FCCBs), Global Depository Receipts (GDRs) or any other securities to raise upto $300 million subject to necessary provisions and approvals.
Besides, the company also plans to raise $150 million (Rs 600 crore) dollar through the issue of equity shares on qualified institutional placement basis.
Further, another Rs 2.64 crore would be raised through the issue of 1.32 crore warrants to promoters on preferential allotment basis.
The issue of all these securities would be subject to necessary provisions and approvals.
On December 3, Sintex Industries acquired US-based Nero Plastics Inc for an undisclosed amount, through its downstream subsidiary Wausaukee Composites mc, (WCI).
Sintex also intends to borrow up to Rs 2500 crore, subject to necessary provisions and approvals.
Shares of the company were trading at Rs 458.30, up 2.07 per cent on the BSE in afternoon trade.
The company has convened a shareholders meet on December 24, for considering various proposals to mop up funds to the tune of Rs 1,800 crore through the issue of securities in domestic and overseas markets, the company said in a filing to the Bombay Stock Exchange.
Sintex would issue Foreign Currency Convertible Bonds (FCCBs), Global Depository Receipts (GDRs) or any other securities to raise upto $300 million subject to necessary provisions and approvals.
Besides, the company also plans to raise $150 million (Rs 600 crore) dollar through the issue of equity shares on qualified institutional placement basis.
Further, another Rs 2.64 crore would be raised through the issue of 1.32 crore warrants to promoters on preferential allotment basis.
The issue of all these securities would be subject to necessary provisions and approvals.
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On December 3, Sintex Industries acquired US-based Nero Plastics Inc for an undisclosed amount, through its downstream subsidiary Wausaukee Composites mc, (WCI).
Sintex also intends to borrow up to Rs 2500 crore, subject to necessary provisions and approvals.
Shares of the company were trading at Rs 458.30, up 2.07 per cent on the BSE in afternoon trade.
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