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Deepak Fertilisers and Petrochemicals Ltd on Monday said its board has given in-principle approval to the company and its subsidiary for raising up to $60 million through debt instruments.
In a regulatory filing, the company said the board has granted in-principle approval for offering FCCBs (foreign currency convertible bonds) aggregating up to $30 million in two tranches to the International Finance Corporation (IFC) upon opening of the issue by the Securities Issue Committee of Directors.
The Securities Issue Committee of Directors has been authorised to determine the terms and conditions of issue of FCCBs (including the tenure, coupon rate and issue price) and to open the issue of the said FCCBs.
The board has further granted in-principle approval for issue of CCDs (compulsory convertible debentures) by Smartchem Technologies Ltd (a wholly-owned subsidiary of the company) aggregating up to $30 million in two tranches to IFC,” the filing said.
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