Ramsarup to raise $50 mn to fund spread

Steel wire maker Ramsarup Industries will be raising $50 million (Rs 220 crore) to fund its ongoing expansion plans. The amount would be raised through Foreign Currency Convertible Bonds, American Depository Receipts and Global Depository Receipts in one or more tranches.

The company is planning to put up special grades of wire facility at its Kalyani and Durgapur plants with an installed capacity of 79,000 tonne.

Ashish Jhunjhunwala, chairman and managing director, Ramsarup Industries, said the company's expansion at Kalyani and Durgapur would cement its position as the leading player in wire catering to the requirement of power and infrastructure sectors.