The bonds are expected to be listed on the Singapore Stock Exchange and closing is likely to take place on January 21, 2008, subject to requisite approvals, Gremach said in a filing to the Bombay Stock Exchange. The company intends to use the net proceeds of the issue for foraying into oil rig business as may be permitted by Indian law and RBI regulation.
Domestic equipment hiring firm Gremach Infrastructure Equipments and Projects Ltd on Monday said it will invest Rs 425 crore (Rs 4.25 billion) in the Gandhinglaj Special Economic Zone (SEZ) in Maharashtra.
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