Electrotherm India to raise up to Rs 150cr

New Delhi, Apr 9 (UNI) Electrotherm India Ltd today said its Board has approved raising funds not exceeding Rs 150 crore by issue of Foreign Currency Convertible Bonds (FCCBs), ADRs or GDRs.

The company's Board has also approved the term sheet of International Finance Corporation (IFC) for availing of loan and/ or convertible loan into equity shares.

Electrotherm India is planning to enter the carbon credit market, industry sources said last week.

The company is setting up a 30 MW capacity waste heat power plant, which coupled with its battery operated vehicles, will make it eligible for carbon credits.

ICICI Venture Funds Management invested Rs 82 crore in the company, to part fund its second phase of expansion plans of Rs 400 crore.

The expansion, is anticipated, to double of its turnover to Rs 1,200 crore next year.

UNI