Prajay Engineers mops 60 million USD

Hyderabad, July 25 (UNI) Prajay Engineers Syndicate, a leading city- based construction company, has raised 60 million US Dollar by way of Foreign Currency Convertible Bonds (FCCB) issue in the international market.

The issue was oversubscribed with the FCCB garnering roughly Rs 275 crore.

According to a press release here, the company has issued 6000 FCCBs of 10,000 USD each to be listed on the Singapore Stock Exchange.

The bonds are convertible into equity shares at a price of Rs 208 per share.

The company would utilise the funds raised to part finance the development of 18 million sq ft of land, including Prajay Autopolis, India's first auto mall.

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