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Adhunik Metaliks gets equity funding

KOLKATA: Adhunik Metaliks, which is engaged in making special steel, is getting private equity funds worth Rs. 101 crore from the Cyprus-based Clearwater Capital Partners. The PE fund will pick up a 7.75 per cent stake in the expanded capital of the company. Shareholders’ nod has already been obtained for issuing fully convertible debentures to the PE fund and for issuing zero-coupon convertible warrants worth Rs. 131 crore to the promoter group. The funds will be utilised to repay short term loans and also some project costs. — Special Correspondent

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