Madhucon to raise Rs 360cr via FCCBs

The board of directors of Madhucon Projects, which met today, approved a proposal to raise up to Rs 360 crore ($80 million ) by issuing global depository receipts (GDRs) or foreign currency convertible bonds (FCCBs) for investments in BOT projects. 

According to a release issued by the company to the BSE today, an EGM has been called on October 24, 2005 to clear the proposal.