Zuari Agro Chemicals (ZACL) board has given in-principal approval for raising up to Rs.500 crore, by issuing debentures and 32 million euro via foreign currency convertible bonds.

The board has given in-principle approval for raising funds through the issue of Compulsory Convertible Debentures (CCDs), by way of a rights issue to the existing shareholders on a record date for an amount not exceeding Rs.500 crores.

Further, the company’s board has constituted a Committee of Directors to decide on the ratio, price and respective matters as may be necessary.

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