Financial Daily from THE HINDU group of publications
Friday, Jan 28, 2005
Financial Daily from THE HINDU group of publications Friday, Jan 28, 2005 |
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Corporate
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Overseas Borrowings Tata Chem raises $150 m via FCCBs Our Bureau
Mumbai , Jan. 27 TATA Chemicals Ltd has raised $150 million (around Rs 620 crore) through an issue of Foreign Currency Convertible Bonds. The issue was conducted on January 25 via the accelerated book built route with Citigroup, Merrill Lynch and Deutsche Bank as joint book runners, an official statement said today. According to the company, the issue was oversubscribed by roughly 2.5 times within a few hours of the opening. The bonds are convertible into ordinary/ equity shares at a price of Rs 231.375, which is at a 50 per cent premium over the closing price of Rs 154.25 on January 25, on the BSE. The bonds carry a coupon rate of one per cent at a yield to maturity of 4.75 per cent at the end of five years if not converted into shares during the period. The bonds are expected to be listed on the Singapore Stock Exchange, the statement said.
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