India’s largest copper producer Sterlite Industries has raised INR 2,350 crore (USD 500 million) by selling convertible debentures to finance its expansion.
The company, promoted by billionaire Mr Anil Agarwal had earlier announced a plan for a 400,000 tonne expansion including a 160 MW power plant, at its South India copper smelter with an investment of about INR 2,300 crore.
In an announcement to the BSE it said the debentures will be converted at USD 23.33 each into American depository shares in 2014. The debentures will mature on October 30th 2014.
The company is in the midst of a bidding war for more than a year with Group Mexico to acquire bankrupt Canadian mining company Asarco.
(Sourced from http://www.steelguru.com/news/index/2009/10/20/MTE2Njc4/Sterlite_debenture_issue_raises_INR_2%252C350_crore.html
Monday, October 19, 2009
Sterlite debenture issue raises INR 2,350 crore
0 comments:
Post a Comment