India's IG Petrochemicals sells Rs. 1.25 billion of debentures

By Reshmi Basu

New York, April 10 - IG Petrochemicals Ltd. said it received shareholders' approval for its issuance of Rs. 1.25 billion of debentures.

The company said it would issue 500 of the debentures at a price of Rs. 2.5 million to Spinnaker Capital Group.

Spinnaker Global Emerging Markets Fund Ltd bought 250 of the debentures, followed by Spinnaker Global Opportunity Fund Ltd with 200 and Spinnaker Global Strategic Fund Ltd with 50.

The Goa, India-based company manufactures phthalic anhydride, which is used in the production of plastic, varnish, paint, textile dyes and pesticides.

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