In a regulatory filing, the company announced that the board has granted an in-principle approval for offering foreign currency convertible bonds (FCCBs) aggregating up to US$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 compulsory convertible debentures (CCDs) by Smartchem Technologies Ltd, a wholly owned subsidiary of the company, aggregating up to US$30 million in two tranches to IFC," the filing said.
