Elder Pharma defers $50 mn FCCB issue

Elder Pharmaceuticals has defered plans of raising $50 million (around Rs 200 crore) through an issue of foreign currency convertible bonds/ GDRs.

According to a release issued by the company to the NSE today, the company has defered its propoposed FCCB issue due to uncertainties in the international markets.

"In view of uncertainties in international capital markets, our company has been advised to defer the proposed FCCB offering presently until the markets have sufficiently stabilised to enable the offering to go through smoothly.", the release added.