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Bangalore , April 4

STRIDES Arcolab Ltd has announced that it has concluded an agreement to privately place foreign currency convertible bonds (FCCBs) of $40 million (Rs 172 crore).

The FCCBs, subject to approval by the EGM called on April 12, have a five-year tenure and are convertible into ordinary shares at Rs 358.70, a premium of 70 per cent on last Friday's closing price of the scrip traded on NSE (which was Rs 209.55).

The bonds have an issue price of 100 per cent of par carrying 0.5 per cent coupon bonds which can be redeemed at a premium to par to yield 6.8 per cent a year.

The bonds are expected to be listed on the Singapore Stock Exchange. Deutsche Bank would be the sole underwriter subject.

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