Nitco Tiles to raise Rs 250cr in overseas markets

By Staff
|
Google Oneindia News

New Delhi, Jan 25 (UNI) Nitco Tiles today said it will raise long term funds worth Rs 250 crore in the overseas markets.

The company's Board of Directors accorded its approval to the fund raising scheme through issue of foreign currency convertible bonds (FCCBs), qualified institutional placement (QIP), American depository receipts (ADR) and global depository receipts (GDR).

In a seperate announcement, the company said its realty arm, Nitco Realities Pvt Ltd, has formed a special purpose vehicle (SPV) for enhanced operations in the sector.

Nitco Realities' interest ranges from 20-100 per cent in the SPV, a company statement said.

The company's share in under development areas under various SPVs as on date is about 5.4 lakh square feet (sq ft). Of this, about 1.60 lakh sq ft, 3 lakh sq ft and 0.80 lakh sq ft are being developed at Worli, Goregaon and Pune respectively.

Nitco Realities became a wholly-owned subsidiary of Nitco Tiles in July last year.

UNI

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X