Sintex to raise Rs.1,538 cr through FCCBs, NCDs

Sintex to raise Rs.1,538 cr through FCCBs, NCDs

Sintex will raise Rs.1,538 crore via an issuance of foreign currency convertible bonds.

Sintex industry, plastic and textiles company on Thursday declared that it will raise almost Rs.1,538 crore through non-convertible debentures (NCDs) and issuance of foreign currency convertible bonds (FCCBs).

"Board of Directors of the company approved the issue of foreign currency convertible bonds for an amount not exceeding $200 million (Rs.1,338 crore) and formation of the FCCB committee to approve the terms of FCCBs, issue price, opening and closing date of the issue,” Sintex said.

"The Board has also approved the issue of secured redeemable non-convertible debentures to banks and financial or any other institution for an amount not exceeding Rs.200 crore,” it added.

Under chapter 39, India’s total plastic imports were $11.34 billion in 2015 as compared to $11.80 billion in 2014.

The country exported nearly $5.01 billion last year as against $5.39 billion in 2014. And its top five markets are USA, China, UAE, Turkey, and Italy.

Under chapter 59, India imported total textiles around $0.73 billion last year as compared to $0.77 billion in 2014.  Total exports were $0.22 billion in 2015 as against $0.39 billion in 2014.

The Dollar Business Bureau - May 19, 2016 12:00 IST