Financial Daily from THE HINDU group of publications
Saturday, Sep 10, 2005
Financial Daily from THE HINDU group of publications Saturday, Sep 10, 2005 |
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Corporate
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Overseas Borrowings Sterling Biotech raises $140 m from FCCBs Our Bureau
Mumbai , Sept. 9 PHARMA-GRADE gelatin maker Sterling Biotech Ltd has concluded the issue of $140 million foreign currency convertible bonds (FCCB), with an increase option for $35 million. The bonds will be listed on the Singapore Stock Exchange, subject to all regulatory approvals, the company said in a note issued on Friday. The proceeds from the issue will be used for the company's ongoing expansion plans. Sterling has gelatin manufacturing facilities at Vadodara in Gujarat and Ooty in Tamil Nadu. The bonds are convertible into equity shares of the company any time after November 9, 2005 at a conversion price of Rs 184.87 per share, which represents a premium of 24 per cent to the closing price on the Bombay Stock Exchange on September 8, 2005. The bonds carry a 0.5-per cent coupon payable annually with a yield-to-maturity of 6.45 per cent and are redeemable after five years and one day from the closing date. Barclays Capital is the lead manager and sole book-runner for the issue of the bonds, the note said.
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