Financial Daily from THE HINDU group of publications
Tuesday, Jun 21, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jun 21, 2005 |
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Markets
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Stocks Corporate - Overseas Borrowings BILT launches $60-m FCCB issue Our Bureau
New Delhi , June 20 BALLARPUR Industries Ltd (BILT) said today that it has launched a $60-million foreign currency convertible bond offering. The bonds are expected to be listed on the Singapore Stock Exchange and bondholders have an option of converting them to equity shares. BILT said in a statement that the offering comprises zero coupon premium redemption bonds aggregating to $60 million, convertible at Rs 180 a share, which is 52.47 per cent premium to the stock price of Rs 118.05 on the NSE on June 17. The bonds have a maturity of five years, with a yield to maturity set at 6.3 per cent. The statement said that proceeds from the issue would be used for capital expenditure and repayment of existing FCCBs. The offer was launched after market trading hours on June 17.
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