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.

"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.

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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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