Domestic mining company Sesa Goa today said it will raise $500 million (nearly Rs 2,400 crore) by offering foreign currency convertible bonds (FCCBs) for financing the company's growth plans.
The board has approved raising $500 million by issue Of bonds subject to the shareholders' approval, Sesa Goa said in a filing to the Bombay Stock Exchange (BSE).
The proceeds of this FCCB offering are intended to be used for financing the growth plans of Sesa, including an increase in the mining capacity through organic and inorganic routes, the filing added.
Goldman Sachs (Asia) LLC and Morgan Stanley & Co International plc are acting as the joint bookrunners of the FCCB offering, it said.
Shares of Sesa Goa today closed at Rs 272.10 on BSE, down 1.50 per cent from previous close.