Prajay raises $60 million via FCCBs

Prajay Engineers Syndicate Ltd has informed that the company has raised $60 million by way of foreign currency convertible bonds (FCCBs) in international markets by issue of 6,000 FCCBs of $10,000 each to be listed on the Singapore Stock Exchange.

The bonds are convertible into equity shares at a price of Rs 208 per share.

Meanwhile, the company has announced that its project "� Prajay Celebrity Villas "� in Hyderabad, is in advanced stages of development and it has decided to open bookings. The delivery of the villas is expected to begin from October this year.

Prajay Celebrity Villas is a premium gated community spread over 18 acres of land in Shamirpet with constructed area covering 2,56,000 square feet. The project houses 85 luxury villas and involves a capital outlay of approximately Rs 28.6 crore.

The company expects a revenue of Rs 61.6 crore over the next one year from the project with an operating profit of Rs 33 crore and a net profit of Rs 23.1 crore.