Prakash Industries to raise Rs 82.48 cr

Mumbai, Aug 8 (UNI) Prakash Industries, a diversified business house with its core competence in steel, mines and power, announced the issue of warrants convertible into equity shares amounting to Rs 82.48 crores to Barclays Capital.

Under the terms of the deal as disclosed to BSE, the Company would issue upto 1,21,35,990 convertible warrants on preferential basis to Barclays Capital Mauritius at a price of Rs 67.96 amounting to Rs 82.48 crores, as approved by the Board, subject to approval of shareholders. The warrants are convertible within a period of 18 months.

Prakash Industries has an annual turnover of Rs 1,048.40 crores and has set up Rotary Kilns based on cent per cent SL/RN technology of Lurgi, Germany. Recognizing the potential of tapping waste gases let out by the Sponge Iron kiln, the company in collaboration with Lurgi has also installed a power company generation plant with waste heat recovery boilers. Installing the first boiler in the country based on the utilization of hot gases is a milestone in itself for the company and a part of its contribution towards the conservation of energy.

UNI