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Our Bureau

Hyderabad, Feb. 2

Pokarna Ltd has decided to raise up to $ 12 million through the issue of Foreign Currency Convertible Bonds (FCCBs) in the international market.

The Board of Directors of the Hyderabad-based company at its meeting held on Wednesday, okayed the proposal, according to a company press release. The Granite and textile major has also got the Board's nod for its proposal to increase FII investment limit in the company from 24 per cent to 49 per cent. The funds raised through the FCCB route would be invested in the new Quartz Stone plant near Hyderabad. The Plant is being set up under a Special Economic Zone (SEZ), according to Mr Gautam Jain, Chairman and Managing Director of Pokarna Ltd. The Quartz stone or `Engineered Stone' plant with a capacity of 8 million sq metres per year would be fully operational by January 2008, he told Business Line.

More Stories on : Overseas Borrowings | Granite & Marble

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