Bartronics to raise $50mn via FCCBs/GDRs

The board of directors of Bartronics India, which met today, approved a proposal to issue foreign currency convertible bonds (FCCBs), global depository receipts (GDRs) and/or American depository receipts (ADRs) to raise $50 million.

The meeting also approved proposals to hike the authorised capital of the company from Rs 40 crore to Rs 60 crore, and increasing the borrowing limit from Rs 250 crore to Rs 500 crore.

The proposals are subject to the approval of shareholders at the AGM to be held on September 10, an official release said.