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Deepak Fertilisers planning to raise funds through FCCBs

Deepak Fertilisers and Petrochemicals Corporation is planning to raise amount aggregate of $30 million through issuance of Foreign Currency Convertible Bonds (FCCBs). Further, the company's wholly owned subsidiary -- Smartchem Technologies (STL) is planning to raise amount aggregating to $30 million to International Finance Corporation (IFC) through issuance of Compulsorily Convertible Debentures (CCD). The Board of Directors of the Company and its subsidiary at its meeting to be held on April 22, 2019 to consider the same.

The aforesaid issues are post a detailed due diligence analysis of operations & growth plans of the DFPCL group and post IFC's Board approval of investment by way of $60 million in FCCB/CCD in the Company and its subsidiary STL.

Deepak Fertilisers & Petrochemicals Corporation business can be broadly categorized into Chemicals, Agribusiness and Specialty Retailing. The company's chemical division manufactures Methanol, various grades of Nitric Acid and Ammonia.

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