Sintex to raise Rs1,800 cr from domestic, global mkts

Sintex to raise Rs1,800 cr from domestic, global mkts
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First Published: Tue, Dec 04 2007. 03 36 PM IST
Updated: Tue, Dec 04 2007. 03 36 PM IST
PTI
Mumbai: Plastic products manufacturer Sintex Industries, said on 4 December it will raise over Rs1,800 crore through issue of securities in the domestic and international markets.
The company has convened a shareholders meet on 24 December for considering various proposals to mop up the funds, the company said in a filing with the Bombay Stock Exchange.
Sintex would issue Foreign Currency Convertible Bonds (FCCBs), Global Depository Receipts (GDRs) or any other securities to raise upto $300 million, subject to necessary provisions and approvals.
Besides, the company also plans to raise $150 million (Rs600 crore) through the issue of equity shares on qualified institutional placement basis.
Further, another Rs2.64 crore would be raised through the issue of 1.32 crore warrants to promoters on preferential allotment basis.
The issue of all these securities would be subject to necessary provisions and approvals.
On 3 December, Sintex acquired US-based Nero Plastics Inc for an undisclosed amount, through its downstream subsidiary Wausaukee Composites mc, (WCI).
Sintex also intends to borrow up to Rs2,500 crore, subject to necessary provisions and approvals.
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First Published: Tue, Dec 04 2007. 03 36 PM IST