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 Corporate - Overseas Borrowings


Sun Pharma issues zero coupon FCCBs to raise $225 m

Our Bureau

Mumbai , Nov. 18

THE Mumbai-based Sun Pharmaceutical Industries Ltd has launched a zero coupon foreign currency convertible bond (FCCB) issue to raise $225 million from the international market.

The five-year bonds would be convertible at 50 per cent premium over the closing price of the scrip on November 17, the company said in an announcement on Thursday on the BSE.

The bonds would have 4.16 per cent per annum yield to maturity and are expected to be listed on the Singapore Stock Exchange.

JP Morgan is the book runner and Jermyn Capital Partners Plc the co-manager to the issue.

The company has already got shareholders' approval for an enabling provision to issue FCCBs for $350 million, it said.

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