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Wednesday, Apr 20, 2005
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 Corporate - Overseas Borrowings


Strides completes FCCB issue

Our Bureau

BANGALORE: Strides Arcolab Ltd today announced that it had completed the issue and allotment of $40-million foreign currency convertible bonds.

The FCCBs, which will be due in 2010, carry 0.5 per cent coupon and can be redeemed at a premium to par to yield 6.8 per cent a year. The bonds are convertible into equity shares of the company at an initial conversion price of Rs 358.70 per share with a fixed exchange rate of Rs 43.7767 per dollar. Deutsche Bank was the sole lead manager and book runner to the issue.

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