Bhagyanagar India has received an approval to raise an amount of up to $50 million or its equivalent in Indian Rupees or any other currency, subject to approval of members. The board of directors at its meeting held on August 08, 2014 has approved for the same.
The company will raise funds by issue of Global Depository Receipts (GDRs)/ American Depositary Receipts (ADRs) convertible in to equity shares/ Foreign Currency Convertible Bonds (FCCB) and / or Qualified Institutional Placement (QIP) and/or Optionally or Compulsorily Convertible Redeemable Preference Shares (OCPS/CCPS).
Bhagyanagar India, part of the Surana Group, was incorporated with the main object of carrying on the business in ferrous and non-ferrous metals. The company has made a giant stride into real estate, infrastructure and wind power generation segments with an installed capacity of 9 MW in the state of Karnataka.
