On Wednesday, Essar Oil said that it has managed to raise $115 from its proposed $300 million plan. For raising funds, the company which is part of the Essar Group, had come out with the bonds. It was raised in the name of the promoter, Essar Energy Holdings.

The money thus raised is going to be used by the company for the purpose of expanding its operations.

The conglomerate with the Ruias as the promoters had issued Foreign Currency Convertible Bonds (FCCBs) worth $115 million on June 15. These bonds are going to mature in 2028 and were issued to the promoter company, said a filing of the company with the Bombay Stock Exchange.

Also these FCCBs are fully convertible into Global Depository Shares (GDSs). This has been an option that has been provided to the bondholders. The conversion price for the same will be Rs. 138 per share.

On June 4, the company had said that it is going to raise $300 million through FCCBs on a preferential share basis.

The company was able to get the shareholders approval on April 22 for raising $1.74 billion through the sale of securities to the promoters.