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Sesa Goa To Raise Rs 6,000 Cr

25 September, 2009

India’s leading iron ore exporter Sesa Goa Ltd, part of the diversified Sesa Group, plans to raise Rs 6,000 crore through a combination of foreign currency convertible bonds (FCCB), qualified institutional placements (QIPs), American depository receipts (ADR), global depository receipts (GDR), and non convertible debentures and warrants.

The funds raised will be utilised in expanding the production facilities and setting up a new power plant. The company received the board approval to invest Rs 605 crore for increasing the capacity of its pig iron plant by 3.75 lakh MTPA, besides expanding met coke plant and setting up of a waste heat recovery power plant.

Sesa Goa operates a 2.8 lakh TPY metallurgical coke plant and a 2.5 lakh TPY pig iron plant. It has mining operations in Goa, Karnataka and Orissa. The company exports approximately 5 million tonnes of iron ore, fines and lumps to customers in Japan, China and Europe annually.

In June 2009, Sesa Goa acquired the mining assets of Dempo Group for Rs 1,750 crore. It has posted a net sales and a net profit of Rs 4,959.1 crore and Rs 1,994.8 crore respectively in the fiscal ended on March 31, 2009.

 


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Sesa Goa To Raise Rs 6,000 Cr

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