Zuari Agro Chemicals has seeked approval form shareholder’s to raise up to Rs.755 crore, via various modes majorly to fund revamp of its ammonia-urea plants.

The company is planning to raise 32 million Euro (approx Rs.255 crore) by Foreign Currency Convertible Bonds (FCCBs), to support the revamp project. It also plans to raise up to Rs.500 crore by issuing Compulsory Convertible Debentures (CCDs), via rights issue to existing investors for the revamp and general corporate purposes.

Moreover, in a postal ballot notice the company stated, “The company is in process of implementing the integrated revamp of ammonia-urea-steam, power generation facilities…at an investment of Rs.1,387 crore.”

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