Shri Lakshmi Cotsyn to raise $20 million

New Delhi, June 3: Textile manufacturing company Shri Lakshmi Cotsyn Ltd said its Board of Directors had given in-principle approval to raise 20 million dollars through FCCB, GDRs or ADRs.

The proceeds of the issue will be used to raise funds for the company's ongoing projects, a statement said.

The company has completed its Rs 264 crore expansion programme and has started commercial production.

The operations from the project would add around Rs 180 crore and help enhance its total turnover to Rs 600 crore by end of this month.

The turnover is expected to further go up to Rs 800 crore by the end of the current fiscal and to Rs 1,000 crore in 2008-09.

UNI