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 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."
"The refining margins for the industry are good today which is reflected in the stock prices," said an analyst with a domestic brokerage who did not wish to be quoted. "Cals can benefit from FCCBs at this point of time," he added.
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