Man Industries to raise $50mln via FCCBs

New Delhi, May 6: Man Industries India Ltd has said it has successfully placed an offering of 50 million dollars zero coupon foreign currency convertible bonds (FCCBs).

The company intends to use the net proceeds raised for the expansion of manufacturing facilities in India, international expansion and other purposes.

''The launch of the FCCBs is reflection of international investors confidence in the growth prospects and management of the company. The funds raised by the FCCBs will provide an impetus for organic and inorganic opportunities available to us in pipe industry globally,'' company's Chairman R C Mansukhani said.

The bonds have a tenor of five years and one day and are convertible into equity shares at a price of Rs 287 per share.

they are expected to be listed on the Singapore Stock Exchange.

BNP Paribas is the manager and book runner to the issue.

Man Industries is a leading manufacturer and worldwide exporter of large diametre Carbon Steel Line Pipes for various high pressure transmission applications for gas, crude oil and petrochemical products.

UNI