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Our Bureau

Chennai, March 20

Carborundum Universal on Monday announced that it would pay a `special interim dividend' of Rs 2.40 per share of Rs 2, or 120 per cent. The company has also decided to raise $50 million through a rupee or foreign currency loan within or outside India. "The proposed offer may be in one or more tranches," says a company notification to the stock exchange. The offering may involve issue of equity shares and/or GDRs and / or foreign currency convertible bonds and/or securities convertible into equity shares at the option of the company, says the notification.

There could also be an issue of warrants, convertible into equity shares.

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