Financial Daily from THE HINDU group of publications
Friday, May 05, 2006
Financial Daily from THE HINDU group of publications Friday, May 05, 2006 |
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Corporate
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Overseas Borrowings Orchid to raise Rs 900 cr Our Bureau
Chennai , May 4 Orchid Chemicals & Pharmaceuticals Ltd proposes to raise about Rs 900 crore ($200 million) through long-term resources, either from the international or the domestic market. According to the company's communication to the stock exchanges today, the funds will be used to repay debt, meet capital expenditure of projects for manufacturing new niche antibiotics and expansion of non-biotic production for regulated markets, and for working capital. The company had earlier obtained its shareholders' approval to raise $190 million through an issue of foreign currency convertible bonds and global depository receipts, against which it raised $82.6 million. It could have raised the balance $107.4 million against the existing resolutions. However, the company's board decided to raise $200 million through fresh issue of global depository receipts, foreign currency convertible bonds or any other form of security in the international and domestic markets. It will seek its shareholders approval for this resolution.
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