USL gets shareholders’ approval for $225 million FCCB issue

USL gets shareholders’ approval for $225 million FCCB issue

The FCCB issue of $225 million will include a greenshoe option of up to $50 million, the company said in an exchange filing. The company’s debt stood at Rs.4,169.69 crore as of 30 September.

Its board had approved the fund raising on 21 December and the company had appointed Standard Chartered Bank, Rabo Bank and DBS Bank as advisers for the issue. The sale is scheduled to take place in early 2012 to bring down high cost debt and improve profitability.

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