SIL board nod for FCCB issue

Chennai, Dec 15 (UNI) Surana Industries Limited (SIL), a Chennai- based leading manufacturer of steel, today announced its board of directors had approved a proposal to raise up to 50 million US Dollar through placement of foreign currency convertible bonds (FCCB) as well as equity by way of qualified institutional placements.

The board had also approved raising the foreign shareholding limit up to 75 per cent of the paid-up capital of the company.

The funds generated from the offering will be utilized towards implementation of the integrated steel plant at Raichur, a company release today said.

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