India’s Walchandnagar plans Rs. 1.5 billion bonds under debt facility

By Marisa Wong

Morgantown, W.Va., Nov. 23 – Walchandnagar Industries Ltd. said its board of directors approved a financing facility of up to Rs. 2.35 billion at its meeting on Tuesday.

The board also approved a Rs. 1.5 billion sublimit under the facility for the issuance of non-convertible debentures on a private placement basis.

The debentures are subject to shareholders’ approval.

The remaining balance of the facility will be in the form of loans.

The engineering company is based in Mumbai.

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