Shah Alloys raises $US 16.96 millions through FCCBs / GDRs

Shah Alloys Ltd has announced that the Board of Directors of the Company at its meeting held on September 14, 2006, has allotted US$ 16.96 million through FCCBs / GDRs as under:

1. FCCBs of Zero Percent coupon rate with YTM of 8% p.a. due after 5 Years of: US $ 10 million

2. 39,55,000 GDRs representing 19,77,500 Equity Shares of as 10/- each fully paid - up aggregating to: US $ 6.96 million.

The fund would be used to part finance increase the melting capacity from 2.6 lacs ton p.a. to 3.20 lacs tons p.a. enhance the cold-rolled (CR) coil capacity, to increase captive power project capacity and to set up electric arc furnace.

Source : Equity Bulls

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