Gremach raises $50 million from overseas markets

Construction equipment leasing firm Gremach Infrastructure Equipments & Projects said on Tuesday it has raised $50 million through the issue of Foreign Currency Convertible Bonds in the international markets.

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 successful launch of the FCCB is a reflection of international investors' confidence in the growth prospects and management of the company," Gremach's Managing Director Rishi Raj Agarwal said.

The FCCBs issue was oversubscribed by 60