Srinivasa shipping to raise $ 20 million capital

Mumbai, May 3: Srinivasa Shipping and Property Development Ltd today said it will raise around USD 20 million through issue of Foreign Currency Convertible Bonds (FCCBs).

The board of directors have approved the issue of FCCBs of upto USD 20 million, the company informed the Bombay Stock Exchange.

The company has signed a Joint Development agreement for the proposed development of IT Park at Perungudi in Chennai with an investment of around Rs 30 crore, the release said.

The board has also approved floating of 100 per cent overseas subsidiary in Sri Lanka.

It has approved incorporation of subsidiaries as Special Purpose Vehicles (SPVs) for the residential projects of the company, it added.

Srinivasa Shipping's shares were trading at Rs 390, down 3.79 per cent at the BSE.

UNI