Mumbai, Nov 30 (UNI) West Coast Papers Mills has issued 41,73,400 Global Depository Receipts (GDRs) at the rate of USD 2.164 per GDR listed on Singapore Stock Exchange.
This figure is equivalent to Rs 85 per GDR, including a premium of Rs 83 per GDR. The total amounts to USD 9,031,237.60 to various investors. Each of the GDR will be convertible into equity share of Rs 2 each at the option of the GDR holder, the Company informed the BSE.
The proceeds of the issue, amounting to Rs 35.47 crore, will be used in the company's expansion projects which are already underway.
Currently, the company is executing its expansion plan, taking its manufacturing capacity to 3,20,000 tpa against the current capacity of 1,63,750 tpa. The said expansion project is also being funded by International Finance Corporation, Washington DC, and ICICI Bank led syndicate, for which requisite loan agreements have been executed.