Suryachakra Power raising $100 m

Hyderabad: Suryachakra Power Corporation Ltd is now in the process of finalising plans to raise up to $100 million (Rs 400 crore) to meet its expansion plans while seeking members' nod to raise the borrowing limit up to Rs 750 crore. In a statement after the company meeting of directors here today, the company informed that the Board would finalise plans to raise up to $100 million to part fund its efforts to set up a joint venture plant. The company had recently hinted at plans to set up a major plant in collaboration with a Chinese firm. As a follow up of the IPO and the funds raised by the company, it may consider reinvesting about Rs 10 crore in ongoing power business instead of power trading hinted earlier. The Board accorded its consent to the company management for finalising the modalities for the issue of warrants convertible into equity shares to the promoters on preferential allotment basis subject to SEBI regulations.