Spice Energy-promoted Cals Refineries plans to raise fund through foreign currency convertible bonds (FCCB) to partly fund its capital expenditure of $1 billion to set up a 5 million tonne per annum (mtpa) refinery at Haldia.
The company raised $200 million through a global depository receipt on the Luxembourg Stock Exchange in November, attracting investments from the Dubai Investment Group, a part of Dubai Holding, and London's RP Capital. It is further planning to raise $100-200 million from a strategic investor for which it is considering the offers.
The company did not disclose the amount that it wishes to raise through FCCB. It declined to comment calling the plan to be at a "premature stage."
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