The Hindu Business Line : Madhucon clears $80-m global offer

HYDERABAD: The board of directors of Madhucon Projects Ltd on Saturday approved the proposal for global issue for raising funds to the tune of $80 million equivalent to Rs 360 crore.

The company proposes to raise the funds through issue of American Depository Receipts, Global Depository Receipts, Foreign Currency Convertible Bonds and other instruments or securities.

In a communication to stock exchanges, the company said the global offering will, however, be subject to the approval of shareholders and of the Securities and Exchange Board of India, the RBI, the BSE, the Hyderabad Stock Exchange and other statutory regulatory authorities.

The global offering is aimed at augmenting resources and raising funds to meet the investment in BOT projects. The board has decided to convene an extraordinary general meeting on October 24 to obtain the approval of its shareholders, the company said.

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