Emco to raise Rs 232 cr from markets

Emco, a leading manufacturer of transformers has said it will raise over Rs 232 crore ($ 50 million) from the international or domestic market through the issue of foreign currency convertible bonds (FCCBs) or other securities.

The board today approved the proposal to raise funds through the issue of FCCBs, GDRs, shares or other securities, the company informed the Bombay Stock Exchange.

The company is also seeking shareholders approval for increasing the borrowing limit to Rs 1,000 crore from the present limit of Rs 500 crore.