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Shri Lakshmi Cotsyn to float FCCBs/GDRs

NEW DELHI : The board of directors of Shri Lakshmi Cotsyn (SLCL), a company whose primary activity is textile manufacturing, has approved in principle the issue of foreign currency convertible bonds (FCCBs) or global depository receipts (GDRs) for an aggregate sum of $20 million to fund its ongoing projects. The FCCBs/GDRs would be issued on a preferential basis to foreign institutional investors, financial institutions, a company release says.

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