Monnet Ispat to raise $60mn via FCCBs

Monnet Ispat will raise up to $60 million from the international market by issuing foreign currency convertible bonds (FCCBs) to fund its capital expenditure plans and acquisitions.

The board of directors, which met on December 25, also approved allotment of 6.11 lakh shares of Rs 10 each to the shareholders of Monnet Power in accordance with the scheme of merger of the two companies, the company informed the National Stock Exchange in a release issued today.

"The company would hold an extraordinary general meeting of shareholders to authorise the board of directors to issue and allot the FCCBs," the release added.