The board of directors of Havells India, which met today, approved a proposal to raise up to $225 million by issuing foreign currency convertible bonds (FCCBs) and/or other instruments. This was announced in a release issued by the company to the BSE today.The board also approved a proposal to merge Crabtree India with the company, and the swap ratio would be 100 equity shares of Rs 5 each of Havells' for 246 equity shares of Rs 10 each of Crabtree, the release added."Crabtree Indiais a 50:50 joint venture with the UK-based Dorman Smith and Havells India," the release said.
