Paramount Comm to raise $50 mn for expansion

New Delhi, Oct 1: Leading cable manufacturer Paramount Communications Ltd has said it will raise 50 million dollar by issuing foreign currency convertible bonds (FCCB), global depository receipts (GDRs) and American depository receipts.

The company has also increased its authosired capital from Rs 25 crore to Rs 35 crore and its borrowing limit up to Rs 1,000 crore over and above the paid-up share capital of the company and its free reserves.

''The rate of growth of Indian industry and the government focus on core sectors helped our confidence to go for capital expansion,'' company's Chairman and CEO Sanjay Aggarwal said.

The funds would be utilised for capacity expansion along with strengthening the working capital, he added.

Paramount Communications alomg with its group company Paramount Wires and Cables is the largest manufacturer of cables in North India and has developed a huge variety of specialised cables and wires for diversified uses.

UNI