Moneycontrol
Jan 01, 2013 01:20 PM IST | Source: Moneycontrol.com

Sintex gains 3% on raising USD 170 mn via FCCBs, QIP

Plastic water tank maker Sintex Industries gained more than 3 percent on Tuesday as the company raised USD 170 million through a mix of foreign currency convertible bonds (FCCBs) and shares to qualified institutional investors.

 
 
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Plastic water tank maker Sintex Industries gained more than 3 percent on Tuesday as the company raised USD 170 million through a mix of foreign currency convertible bonds (FCCBs) and shares to qualified institutional investors.


The Economic Times reported that Sintex raised USD 140 million from bond holders at a higher coupon rate of 5.37 percent and additional USD 30 million from QIPs as the company inches nearer to repay its bond holders USD 290 million by March 2013.


At 13:01 hours IST, the stock rose 2.76 percent to Rs 67.05 on the Bombay Stock Exchange. Market capitalisation of the company currently stands at Rs 2,008.21 crore.

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