Press Trust of India / Mumbai Aug 26, 2009, 13:09 IST
Steel maker Prakash Industries today said its shareholders have approved to raise Rs 500 crore by various fund raising routes from domestic and international markets.
The company would raise the fund from domestic market by private placement of shares with Qualified Institutional Buyers (QIBs) and from international market through an issue of Global Depository Receipts (GDRs), American Depository Receipts (ADRs) and Foreign Currency Convertible Bonds (FCCBs), Prakash Industries said in a filing to the BSE.
This company had failed to pay back the fixed deposits it had accepted from the public in 2000-01. With great difficulties, I got back my fixed deposits in 5 yearly instalments. No interest was paid right from day one although as per the FD certificate, they were to pay 16% p.a. interest. Such companies should NOT be allowed to raise any amount from public for another 10 years or so. Also, they should pay back the full amount of principal and interest to such depositors before they are allowed to raise funds from public. Please give wide publicity to this so that public money is not siphoned off again.
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