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Essar Oil, Shipping raise $213 mn via FCCBs

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Our Web Bureau Mumbai
Essar Oil has completed the international offering of 1,66,000 foreign currency convertible bonds (FCCBs) each at $1,000 for cash at par, aggregating $166 million.

As per the release issued to the BSE, the proceeds would be used to part- finance the cost of the 10.5 MMTPA oil refinery project being set-up at Vadinar, Gujarat.

Essar Shipping has raised $47 million by issuing 47,000 FCCBs of $1,000 each to international investors. The funds will be utilised for part-financing the cost of the Vadinar oil terminal project through its wholly-owned subsidiary Vadinar Oil Terminal Ltd.

 

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First Published: Feb 01 2005 | 10:30 AM IST

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