The Hindu Business Line : Aurobindo Pharma raises $60m from FCCBs

AUROBINDO Pharma Ltd (APL), the Hyderabad-based pharma major, has raised $60 million through issue of unsubordinated unsecured foreign currency convertible bonds (FCCBs) to be redeemed in 2010.

Barclays Capital, the investment banking division of Barclays Bank Plc, announced on Friday that it was the sole book-runner and lead manager for the FCCBs offering.

In a release, Barclays Capital said that given the favourable tight spreads and low interest rate environment, Aurobindo Pharma has decided to issue the bonds to raise funds for meeting capital expenditure and overseas investment purposes and to pay existing foreign currency debt.

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