Business Daily from THE HINDU group of publications
Wednesday, June 4, 2008 ePaper | Mobile/PDA Version
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Business Daily from THE HINDU group of publications Wednesday, June 4, 2008 ePaper | Mobile/PDA Version |
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Update at 1810 hrs (IST)
Corporate Steel Strips to raise Rs 20 crore via bonds issue MUMBAI: Auto ancillary company Steel Strips Wheels on Wednesday said it will raise Rs 20 crore through issue of bonds on preferential basis to Tata Capital. The board has approved the issuance of Rs 20 crore worth Optionally Convertible Bonds (OCB) on a private placement basis subject to shareholders approval, Steel Strips said in a filing to the BSE. Further, OCBs worth Rs 10 crore would be converted into equity shares of the company and the remaining portion would be converted into equity shares at the option of Tata Capital, within a period of 18 months from the date of allotment of OCBs, the filin g added. Tata group company, Tata Capital is a non-banking finance company. The shares of Steel Strips were trading at Rs 142.95, up 0.18 per cent in the late afternoon trade on the BSE. - PTI
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