The debentures, placed with the Unit Trust of India, Industrial Development Bank of India and Industrial Credit & Investment Corporation of India, carries a coupon rate of 14.25 per cent.

The funds raised will be deployed at its greenfield copper project in Dahej, which went on stream recently.

"The conversion price will not be less than Rs 37.61 per share, in line with SEBI guidelines. The FCD will convert into one equity share at the end of 18 months," said Indo Gulf managing director BN Puranmalka.

With this issue, the company has completed its fund raising plans for the copper-smelter project, and has already tied up the entire equity and debt requirements.

"Earlier we were contemplating raising Rs 300 crore....but in order to maximise shareholder value, we reduced the size of the equity issue to Rs 100 crore," Puranmalkaadded.