Everest Kanto to raise $50mn

The board of directors of Everest Kanto Cylinder, which met today, approved a proposal to raise up to $50 million via FCCBs/GDRs/ADRs.

According to a release issued by the company to the BSE today, the funds would be used to set up a wholly-owned subsidiary in China for manufacturing high pressure gas cylinders and allied products of the company.

The meeting also recommended a dividend of 35% i.e. Rs 3.50 per equity share for FY06, the release added.