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Our Bureau

Hyderabad , May 17

Aurobindo Pharma Ltd has issued and allotted $200-million foreign currency convertible bonds (FCCBs) on Tuesday in two tranches.

While the first tranche consists of $150 million, the second tranche consists of $50 million. The company has informed the stock exchanges that these FCCBs were issued at zero per cent due May 2011 and listed on Singapore Exchange Securities Trading Ltd, Singapore.

The first tranche FCCBs are convertible into equity shares of the company within a period of five years at a conversion price of Rs 1,014.06 per share. It will have a fixed rate of exchange on conversion of Rs 45.145 per US dollar.

The second tranche of FCCBs are also convertible into equity shares of the company within a period of five years. However, the conversion price would be worked out on a different formula. It would be more than 1.3 times of volume weighted average price of a share for a period of 30 days prior to conversion price setting date on May 17, 2007. The floor price would be Rs 665 per share with a fixed rate of exchange on conversion of Rs 45.145 per US dollar.

Barclays Bank PLC and Deutsche Bank AG have acted as the lead managers and book runners to this FCCB issue, the company informed the exchanges.

More Stories on : Overseas Borrowings | Pharmaceuticals

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