Shakti Pumps to raise funds through FCCBs

Shakti Pumps India Ltd has announced that the Board of Directors of the Company at its meeting held on May 03, 2007, inter alia, has approved the following:

1. Issue and allot 65 - 1.50% Unsecured Foreign Currency Convertible Bonds (FCCB) due 2012, of US $ 100,000 each for an aggregate amount of US $ 6,500,000 to be listed on Singapore Stock Exchange Securities Trading Ltd (SGX-ST) subject to the terms and conditions specified in the Offering Circular.

2. Further the Board authorised Mr. M L Patidar, Chairman cum Managing Director, and Mr. Dinesh Patidar, Managing Director, severally, to execute such documents or instruments and do such other acts as are necessary on connection therewith.

Source : Equity Bulls

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