Corporate
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Overseas Borrowings
Glenmark launches $70-m FCCBs
Our Bureau
Mumbai
,
Feb. 2
GLENMARK Pharmaceuticals Ltd is to raise $70 million through Foreign Currency Convertible Bonds (FCCBs). The bonds are expected to be listed on the Singapore Stock Exchange, the company has informed the BSE.
A company official told Business Line that the funds would be used for a basket of opportunities, including acquisition of companies or brands overseas and capacity addition in subsidiaries.
The bonds, which will have a five-year maturity, were launched on Monday in two tranches. Under the first tranche, bonds for $20 million would be convertible at a price of Rs 862.394 per share with a 71 per cent premium to the weighted average January 31 BSE closing price of Rs 504.324, the company announcement said. The bonds issued under the first tranche carry a zero coupon with a yield to maturity set at 5.9 per cent.
Under the second tranche, bonds aggregating $50 million would be convertible at a price either higher than Rs 500 per share or at a 35 per cent premium to the average of the weighted average closing price for the period commencing September 15, 2006 and ending November 14, 2006.
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