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Prajay raises $60 m through FCCBs

HYDERABAD : Prajay Engineers Syndicate, a Hyderabad-based construction company, has announced that it has raised $60 million by a foreign currency convertible bonds (FCCB) issue worth Rs. 275 crore. It had issued 6,000 bonds of $10,000 each that would be listed on the Singapore Stock Exchange. The bonds are convertible into equity shares at Rs. 208 a share. The company plans to utilise the proceeds to partly finance the development of 18 million sq. ft. of construction projects already announced.

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