Financial Daily from THE HINDU group of publications
Tuesday, Mar 14, 2006
Financial Daily from THE HINDU group of publications Tuesday, Mar 14, 2006 |
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Corporate
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Overseas Borrowings Agri-Biz & Commodities - Sugar Simbhaoli to raise Rs 145 cr for expansion Our Bureau
New Delhi , March 13 Simbhaoli Sugar Mills has issued $33 million (Rs 145 crore) worth foreign currency convertible bonds (FCCB) to part finance its Rs 400-crore expansion plans to be executed in 2006-07. ``We are issuing FCCBs to raise Rs 145 crore to part fund our expansion plans, which include raising the cane crushing capacity to 19,500 tonnes per day from the existing 13,300 tonnes per day,'' said the company's Director Finance, Mr Sanjay Tapriya. The FCCBs will have a maturity of five years and will be convertible into Simbhaoli shares at an initial conversion price of Rs 170 per share. The company has announced that the FCCBs that would be listed on the Singapore Stock Exchange are zero coupons with an annual yield-to-maturity of 6.5 per cent per annum. The company is implementing its expansion projects in order to expand its sugarcane crushing, ethanol manufacturing and power co-generation capacities at its existing facilities located in Simbhaoli (Western Uttar Pradesh) and Chilwaria (eastern Uttar Pradesh).
More Stories on : Overseas Borrowings | Sugar
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