Steel and power company Prakash Industries today said it would raise $100 million through issue of bonds, to part fund its 625 Mw thermal power plant at Champa in Chhattisgarh.

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"Prakash Industries is in the process to raise around $100 million (about Rs 500 crore) through foreign currency convertible bonds (FCCB), the funds would be utilized to put up 625 Mw thermal power plant at Champa in Chhattisgarh," a company statement said.

The plant, which would be commissioned by 2013 would entail an investment of close to Rs 2,500 crore, it said.

The company is currently operating 100 Mw captive power plant by using waste heat recovery boilers.

Prakash Industries, recorded a profit after tax of Rs 204 crore and turnover of Rs 1,710 crore for the financial year ended March 31, 2009.

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