Man Industries to issue FCCBs for USD 50 million, to consolidate production activities

Man Industries India Ltd has announced that the Board of Directors of the Company at its meeting held on January 27, 2007, inter alia, has transacted the following:

1. The Board approved an issue of Foreign Currency Convertible Bonds (FCCB) for an amount up to USD 50 million.

2. With a view to consolidating the production activities and thereby improve profitability, the Board decided to shift the need based plant and machinery situated at Pithampur Plant at Madhya Pradesh, to the plant at Madhya Pradesh, to the plant at Anjar in a phased manner, subject to necessary approval, if any.

Source : Equity Bulls

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