Financial Daily from THE HINDU group of publications
Friday, Jun 17, 2005
Financial Daily from THE HINDU group of publications Friday, Jun 17, 2005 |
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Corporate
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Overseas Borrowings Jindal Saw raises $40 m from ECBs Our Bureau
New Delhi , June 16 JINDAL Saw Ltd today said that it has raised $40 million (about Rs 175 crore) through external commercial borrowings (ECBs) from a nine-bank syndicate to finance its capital expenditure programmes. The company initially wanted to raise a term loan of $30 million with a greenshoe option of $10 million. But after the issue was oversubscribed two times, it retained the greenshoe option and raised the deal size to $40 million, according to Mr Neeraj Kumar, Director (Finance). The nine-bank syndicate comprises Indian, Asian and West Asian banking majors. Barclays Bank Plc and SBI were the book running lead managers while Bank of Baroda and Industrial & Commercial Bank of China (Asia) Ltd were the other lead managers. Canara Bank, SBI International (Mauritius), Syndicate Bank, Emirates Bank International PJSC and Bumiputra Commerce Bank Berhad were the other participators in the issue. The fully unsecured loan has a bullet repayment after tenure of five years, Mr Kumar said.
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