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Chennai, March 1

Aban Loyd Chiles Offshore proposes to go in for an issue of Japanese Yen denominated foreign currency convertible bonds for $80 million. The bonds carry a coupon rate of zero per cent till conversion. Conversion price will be set at a premium of 40 per cent over the volume weighted average price of the equity shares of the company on the NSE for the 30 consecutive trading days ending five trading days prior to April 19, 2007, says a company notification to the stock exchange. Conversion price will be subject to a minimum of Rs 1,000 per share.

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