Sterling Biotech to raise $50mn via FCCBs

The board of directors of Sterling Biotech, which met yesterday, approved a proposal to raise up to $50 million by issuing foreign currency convertible bonds (FCCBs)/global depository receipts (GDRs)/American depository receipts (ADRs).

According to a release issued by the company to the BSE today, the board has called an EGM on October 11, 2005 to clear the proposal.

"The EGM will also clear a proposal to authorise the board to borrow up to Rs 3,000 crore as and when required u/s 293(1) (d) of the Companies Act, 1956, and to pass a resolution u/s 293(1)(a) of the Companies Act, 1956 to charge the assets of the company for borrowings up to Rs 3,000 crore," the release added.