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Prakash Industries to raise up to Rs 500 cr

Steel maker Prakash Industries today said its shareholders have approved to raise Rs 500 crore by various fund raising routes from domestic and international markets. - JSW to raise US mills" output capacity to 30% - Posco plant to come up at its proposed site only: Patnaik - JSW"s WB, Jharkhand steel proj to be delayed further - Posco moving out of Orissa: Mines Minister - Posco plans alternative work for landless villagers - India"s steel export to fall by 35% to 3.2 mn in FY10: CMIE The company would raise the fund from domestic market by private placement of shares with Qualified Institutional Buyers (QIBs) and from international market through an issue of Global Depository Receipts (GDRs), American Depository Receipts (ADRs) and Foreign Currency Convertible Bonds (FCCBs), Prakash Industries said in a filing to the BSE. Further, the shareholders have also approved raising of FIIs limit to 35 per cent, the filing added.

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