Surana Industries to raise US$25 Million through FCCB Issue

Surana Industries Ltd has announced that a press meet was organized by the Company to appraise of the salient features of the Working of the Company and to announce the successful launching of Foreign Currency Convertible Bonds to the extent of US$ 25 Million in two trenches. It was informed that the first tranch of US$ 14 million was fully subscribed and the second instalment of US$ 11 million will be taken within another ten days. The bonds are listed on the Luxembourg Stock Exchange and will be converted into Equity shares of Rs 140/- each.

It was informed that the funds raised through FCCB would be utilized for the Proposed Integrated Steel Plant at Raichur besides term loan from banks and equity contribution from the promoters.

The stock closed the day at Rs.125.50, up by Rs.5.95 or 4.98%. The stock hit an intraday high of Rs.125.50 and low of Rs.120. The total traded quantity was 54363 compared to 2 week average of 16412.

Source : Equity Bulls

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