Vinati Organics Ltd, a BSE-listed manufacturer of pharmaceutical input and specialty chemicals, has raised $5 million (Rs 22 crore) in funding from International Finance Corporation (IFC) through subscription of foreign currency convertible bonds (FCCBs). Earlier this year, the World Bank arm had agreed to make an investment of $16 million in the company.
IFC has subscribed 50 FCCBs, with a face value of $100,000 each. Although Vinati did not inform the exchanges about the number of equity shares that the FCCBs would be converted into, it disclosed the conversion price at Rs 100 per equity share.
The share price of Vinati Organics closed at Rs 71.35 on the BSE on Monday, down 1.79 per cent.