Sintex Industries will be raising up to Rs 1,538 crore via issuance of foreign currency convertible bonds (FCCBs) and non-convertible debentures. The board of directors at its meeting held on May 19, 2016 has approved for the same.
The board approved the issue of FCCBs for an amount not exceeding $200 million (Rs 1,338 crore) and issue of secured redeemable non-convertible debentures (NCDs) to banks and financial or any other institution for an amount not exceeding Rs 200 crore.
Sintex Industries is the world largest producer of plastic water tank. It manufactures a wide range of plastic products including prefabricated structures, industrial custom molding products, monolithic constructions and water storage tanks.