The Hindu Business Line : Sterling Biotech concludes FCCB issue

PHARMACEUTICAL-gelatine maker Sterling Biotech Limited has concluded the issue of $ 70 million foreign currency convertible bonds (FCCB). The bonds will be listed on Luxembourg Stock Exchange, subject to regulatory approvals, the company said in a communiqué here today.

The proceeds from the issue would be utilised for ongoing expansion plans of the company. The company is implementing an expansion project of 6,000 tonnes at its existing facility in Vadodara, Gujarat. After the expansion, the company's capacity will increase to 16,400 tonnes per annum, the note said.

Only in January this year, Sterling Biotech had acquired the gelatine business of Rallis India in an all-cash deal for Rs 47 crore.

More Stories on : Overseas Borrowings | Bio-tech & Genetics

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