Zuari Agro Chemicals (ZACL) today said its Board has given in-principle approval for raising up to Rs 500 crore funds by issuing debentures and 32 million euro via foreign currency convertible bonds.
The decision was taken up in the Board meeting held today, the company said in a regulatory filing.
The board gave the in-principle nod for raising funds through the issue of Compulsory Convertible Debentures (CCDs) by way of a rights issue to the existing shareholders on a record date for an amount not exceeding Rs 500 crores.
The Board has constituted a Committee of Directors to decide on the ratio, price and respective matters as may be necessary.
The Board has given in-principle approval for issue of Foreign Currency Convertible Bonds (FCCBs) and/or any other similar securities up to 32 million euro on a private placement basis, subject to approval of the shareholders and receipt of necessary regulatory and other approvals.
Shares of the Goa-based company settled 3.27 per cent down at Rs 353.65 apiece on BSE.
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