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Sintex gets shareholders nod for raising Rs2,376 crore

Sintex gets shareholders nod for raising Rs2,376 crore
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First Published: Mon, Dec 24 2007. 03 01 PM IST
Updated: Mon, Dec 24 2007. 03 01 PM IST
PTI
Mumbai: Plastics product manufacturer Sintex Industries said on 24 December it has received shareholders approval for raising over Rs2,376 crore through issue of securities in domestic as well as international markets.
The shareholders of the company at the extraordinary general meeting (EGM) held on 24 December approved various proposal entailing raising of funds to the tune of Rs2,376 crore, Sintex Industries said in a filing to the Bombay Stock Exchange.
Sintex Industries would raise $300 million (Rs1,184 crore) by issue of foreign currency convertible bonds (FCCBs), global depository receipts (GDRs) and other securities in the international markets.
The company would further mop up $150 million (Rs592 crore) through the issue of equity shares to qualified institutional buyers (QIBs).
Besides, Sintex Industries would issue 1.32 crore warrants optionally convertible into equal number of equity shares at Rs454.74 each for over Rs600 crore to promoters such as Opel Securities and Kolon Investment on preferential allotment basis.
Earlier these warrants were supposed to be issued to BVM Finance, Opel Securities and Kolon Investment as proposed, on preferential allotment basis.
The issue of all these securities would be subject to necessary provisions and approvals.
On 3 December, Sintex Industries acquired US-based Nero Plastics Inc for an undisclosed amount through its downstream subsidiary Wausaukee Composites (WCI).
Sintex also intends to borrow up to Rs2,500 crore, subject to necessary provisions and approvals.
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First Published: Mon, Dec 24 2007. 03 01 PM IST
More Topics: Sintex | FCCB | GDR | QIB | Convertible warrants |