United Phosphorus to raise $500mn

The board of directors of United Phosphorus, which met on September 14, 2007, has cleared a proposal to raise up to $500 million via placements with qualified institutional buyers (QIBs).

According to a release issued by the company to the BSE today, the board also approved a proposal to raise further equity by way of preferential issue of 3.12 crore warrants to the promoters as per Sebi guidelines.