Financial Daily from THE HINDU group of publications
Wednesday, Aug 03, 2005
Financial Daily from THE HINDU group of publications Wednesday, Aug 03, 2005 |
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Corporate
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Overseas Borrowings HEG issues $28.75 m FCCBs Our Bureau
New Delhi , Aug 2 HEG Ltd, manufacturer of graphite electrodes, has placed $28.75 million unsecured and un-rated five-year foreign currency convertible bonds (FCCBs) at a 32 per cent conversion premium, translating to a price of Rs 192.06 per share. The equity shares on conversion will be listed on the BSE, the NSE and the Madhya Pradesh Stock Exchange. The issue has been placed with large international investors and the company has applied to list the FCCBs on the Singapore Stock Exchange. The FCCBs are convertible into rupee stock of the company at the holder's option. The FCCB was $25 million in size and it had an additional green shoe option of 15 per cent of the issue size, amounting to $ 3.75 million. The greenshoe option has been fully exercised, increasing the FCCB size to $ 28.75 million. Jefferies International Ltd was the sole manager on this transaction.
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