Dhampur Sugar to raise $55mn via FCCBs

The board of directors of Dhampur Sugar Mills, which met today, approved plans to raise up to $55 million from the overseas markets, and a capital expenditure plan of Rs 425 crore.

According to a release issued by the company to the BSE today, the meeting cleared a proposal to raise up to $55 million by issuing GDRs/ FCCBs.

The meeting also approved expansion plans by setting up a greenfield sugar plant of 6000 tonne crushed per day (TCD) along with power generation of 25 MW, and enhancement in sugar, distillery and power generation capacities in the existing units at an approximate cost of Rs 425 crore, the release said.

"Foreign investment limit has been hiked from 24% to 49%," the release added.

An EGM has been called on September 26, 2005 to approve the proposals, the release added.