Suryajyoti raises mln to part-finance expansion

New Delhi, Mar 21 (UNI) Suryajyoti Spinning Mills Ltd has raised 10 million dollars through Foreign Currency Convertible Bonds (FCCBs) to part-finance its new bottom-weight fabric project and for its modernisation and expansion schemes.

The bonds, which have been listed on the Singapore Stock Exchange, are convertible into ordinary/ equity shares at a price of Rs 85 per share.

In line with its earlier announced expansion plan, the company has commenced construction of its specialty bottom weight fabric weaving, dyeing, and finishing plant in Hyderabad.

Production is expected to start in the second half of fiscal 2008 with the facility expected to reach optimal production levels by FY2010.

UNI