The Issuance Examination Committee of China Securities Regulatory Commission announced recently that the application of Xinyu Iron & Steel Co Ltd for issuing convertible corporate bond got approved.
According to China Securities Regulatory, the steel maker earlier made a promise that the totally convertible corporate bond it is going to issue will be no more than CNY 2.76 billion and the financed fund will be completely put into the 1500mm sheet project.
Before fully funded, the company will probably use its self-processed fund or finance by borrowing in advance based on the actual progress of the project, and then make a replacement.
