The Oswal Group flagship firm Vardhman Polytex announced that the company will raise 10 million dollars through the issue of Foreign Currency Convertible Bonds (FCCBs) in overseas market.

Vardhman Polytex told the Bombay Stock Exchange that the company had received shareholders approval for raising 15 million dollars through FCCBs on Jule 9. However, acting on the suggestion of lead managers, the company presently proposes to issue FCCBs to the tune of 10 million dollars with green shoe option of 2 million dollars.

The company told that the said FCCBs are convertible into equity shares of Rs 10 each of the company, with an estimated conversion price of Rs 106.86 at the option of the investor. Upon conversion of the FCCBs, 56,99,045 new equity shares would be issued.

The Shares of Vardhman Polytex were trading at Rs 88, up 0.69 per cent on BSE.