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Our Bureau

Mumbai, April 25

Shringar Cinemas Ltd has raised $20 million through a foreign currency convertible bonds (FCCBs), with a tenure of five years. The bonds are expected to be listed on the Singapore Stock Exchange. The issue, which opened on Friday post trading hours, received strong demand and garnered funds at an attractive rate.

The conversion of bonds have been structured so that 60 per cent of the proceeds would get converted into equity shares at 32 per cent premium (Rs 90 per share) and the balance $8 million at a premium of 57 per cent (Rs 107 per share) to Friday's closing price of Rs 68. The bondholders will be able to exercise the option of converting into equity shares after 30 days of allotment. The bonds carry a coupon in the range of 0-0.5 per cent and an YTM of 6.5-7.5 per cent. Rabo Bank International was the sole manager and advisor to the issue.

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