Radha Madhav Corp to raise Rs 18cr

The board of directors of Radha Madhav Corporation, which met today, approved proposal to raise Rs 18.1 crore via bonds and issue of shares.

According to a release issued by the company to the BSE today, the board approved a proposal to issue 10 lakh convertible bonds at Rs 100 per bond to India Star (Mauritius).

"The board also approved issue of 18 lakh shares at Rs 45 per share to a foreign investor," the release addd.

The funds would be used to expand the pharmaceutical packaging business in Uttaranchal and Daman, the release said.