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Our Bureau

Mumbai , Sept 13

PSL Ltd, a steel pipe manufacturing company, has announced that it has raised $40-million zero-coupon convertible bonds through FCCB route.

The bonds have been listed on the Singapore Stock Exchange.

The lead manager to the issue is Deutsche Bank supported by Bank of Baroda and Bank of India as co-lead managers.

The bonds will become due for redemption on or after five years.

The bondholders will have a right of conversion at a price of Rs 234.54 per share, which represents a 37 per cent premium when compared with Rs 171.20, which was the closing price of the company's share at BSE on August 12 - the day the deal was formalised.

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