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This is an archive article published on May 20, 1997

Ispat floats CD issue

MUMBAI, May 19: Ispat Industries, belonging to the Mittals, has launched a mega rights issue of 7.99 crore convertible debentures of Rs 100...

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MUMBAI, May 19: Ispat Industries, belonging to the Mittals, has launched a mega rights issue of 7.99 crore convertible debentures of Rs 100 each aggregating Rs 800 crore on a rights basis to the existing shareholders in the ratio of one convertible debenture for every two shares held.

According to Vivk Sett, director, the mega issue is being made to part-finance the company’s ongoing 3 million tpa hot rolled steel coil project along with a captive power plant located in the Raigad district of Maharashtra.

The total cost of the project is Rs 4,792 crore. Of this, the proposed captive power plant is estimated to cost around Rs 1076 crore.

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The company had earlier floated a Euro Convertible Bond issue of Rs 215 crore to finance the project. The company is likely to tap the market later to raise Rs 335 crore.

According to Sett, the company has already incurred an expenditure of Rs 1811 crore so far. The project has been appraised by the IFCI in connection with raising funds from the capital market.

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