Marg Construction raises $12.5 through FCCBs

New Delhi, Sep 8 (UNI) Chennai-based infrastructure development company Marg Constructions Ltd (MCL) has raised 12.5 million dollars through the issue of Foreign Currency Convertible Bond (FCCB) of 5000 dollars each.

The prime objective of this issue was to raise capital for the Karaikal Port Project in the Union Territory of Pondicherry, which has been conceived on a build, own and transfer (BOT) model, MCL's Managing Director said.

The port was planned to have phase-wise development capacity of up to 10 million tonnes in the central Tamil Nadu. The Karaikal Port will be an all-weather port built over 600 acres and designed to handle volumes of import and export cargo traffic.

The FCCBs carrying a coupon rate of 3 per cent, were fully subscribed by Deutsche Bank, AG. London based Elara Capital Advisors Limited was the lead manager to the issue of the Luxemburg Stock Exchange-listed bonds.

MCL has initiated SEZ development, wind farm, power, IT parks, malls, and private port projects in Tamil Nadu. It offers turnkey infrastructure solutions for Indian and global IT/ITeS companies.

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