The board of directors of Balrampur Chini Mills, which met today, approved a proposal to raise up to $50 million by issuing global depository receipts (GDRs) and/or foreign currency convertible bonds (FCCBs).According to a release issued by the company to the BSE today, the proceeds would be used to part-finance its greenfield integrated sugar complex at Mankapur."The board also approved the introduction of employee stock option scheme (ESOS) in accordance with Sebi guidelines," the release added.
