FIs invest Rs 122.4 cr in Pennar

Pennar Industries has announced that foreign investors "� Eight Capital of New York and Spinnaker Capital of London "� have invested Rs 122.4 crore in Pennar Industries in the form of convertible debentures.

These funds have been utilised by Pennar for making a one-time settlement of long-term debt and capital expenditure.

Ravi Chachra of Eight Capital and Tarun Gandhi of Spinnaker Capital have been inducted on the board of Pennar Industries.