Deepak Fertilisers to raise up to USD 60 mn through debt

Deepak Fertilisers and Petrochemicals Ltd Monday said its board has given in-principle approval to the company and its subsidiary for raising up to USD 60 million through debt instruments.

In a regulatory filing, the company informed that the board has granted an in-principle approval for offering FCCBs (foreign currency convertible bonds) aggregating up to USD 30 million in two tranches to International Finance Corporation (IFC) upon opening of the issue by the Securities Issue Committee of Directors.

The Securities Issue Committee of Directors has been authorised to determine the terms and conditions of issue of FCCBs (including the tenure, coupon rate and issue price) and to open the issue of the said FCCBs.

"The board has further granted an in-principle approval for issue of CCDs (compulsory convertible debentures) by Smartchem Technologies Ltd (a wholly owned subsidiary of the company) aggregating up to USD 30 million in two tranches to IFC," the filing said.