Sintex Industries today said it plans to raise up to $150 million (over Rs 820 crore) through issue of convertible bonds from overseas markets.
“The company’s board at its meeting held earlier today launched an issue of up to $150 million step down foreign currency convertible bonds (FCCBs) due 2017,” Sintex said in a filing to the BSE.
The net proceeds from the offering of the bonds will be used to repurchase or repay the outstanding principal, accrued and unpaid interest on the FCCBs issued in 2008, it added.
The company said it has fixed the floor price of the bonds at Rs 65.74 per share.
Shares of Sintex today closed at Rs 67 on the BSE, up 2.06 per cent from their previous close.