Date:12/04/2006 URL: http://www.thehindubusinessline.com/2006/04/12/stories/2006041203530300.htm

Back UK fund invests in IG Petro

Our Bureau

Mumbai, April 11

IG Petrochemicals Ltd (IGPL) has received Rs 125 crore investment from Spinnaker Capital, a UK-based international fund. As part of the investment, Spinnaker will receive 1,25,00,000 optional convertible debentures from IGPL, said a release issued hereon Tuesday. The proposed issue of convertible debentures on preferential basis shall be for Part A up to 13,50,000 at Rs 30, while Part B will consist of 1,11,50,000 debentures at Rs 200. The instruments shall be convertible at any time within 18 months from the date of issue. While Part A will be compulsorily convertible at any time within 18 months, Part B may be converted at the discretion of the fund.