Punjab Chemicals to increase FII limit, raise funds through issue of securities

Punjab Chemicals & Crop Protection Ltd has announced that the Board of Directors of the Company in its meeting held on July 25, 2007, inter alia, has approved the following :

1. The proposal for meeting the funding requirements for exploring various possibilities and opportunities to issue Foreign Currency Convertible Bonds / Global Depositary Receipts / American Depositary Receipts / Private Equity / Structured Debt / QIP / Other debt instruments, etc. for an aggregate amount not exceeding Rs 400 crores or equivalent thereof.

2. Increased the investment limit of Foreign Institutional Investors in the Company from 24% to 49% under the Foreign Exchange Management Act.

Source : Equity Bulls

Keywords