Zicom to raise $12mn via FCCBs/GDRs

Mumbai-based Zicom Electronic Security Systems is planning to raise up to $12 million by issuing foreign currency convertible bonds (FCCBs) or global depository receipts (GDRs).

According to a release issued by the company to the BSE today, the money raised would be used for expanding operations into new markets and product areas.

The board also recommended dividend of 10% i.e Re 1 per share, the release added.