Mumbai: Agrochemical company United Phosphorus said on 11 October it will raise up to $500 million (Rs1,965 crore) through issue of securities in the domestic and international markets on institutional placement basis.
The company’s shareholders have approved the fund raising proposal.
The company informed the Bombay Stock Exchange it would raise funds through the issue of equity shares, Foreign Currency Convertibility bond (FCCB) and Global Depository Receipts (GDRs) to Qualified Institutional Buyers.
The company would also issue over 3.11 crore warrants to promoters on preferential basis for raising further equity capital.
The shareholders have also authorised the board to borrow up to Rs10,000 crore.
Earlier on 10 October, the company had said, “We are currently evaluating whether to bid to acquire a target that is a major Asia-based company in the agrochemicals sector, of a size substantially similar to us”.
The company’s shares were trading at Rs355.80, down 2.63% in the afternoon on BSE.