Business Daily from THE HINDU group of publications
Friday, Apr 20, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Apr 20, 2007 ePaper |
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Corporate
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Overseas Borrowings Markets - Stocks Our Bureau
Mumbai April 19 Hotel Leelaventure Ltd said on Thursday that it has secured funds of $100 million (Rs 430 crore) through a foreign currency convertible bonds (FCCBs) issuance. It has the option to increase it by another $10 million, the company said, in a notice to the stock exchanges. Deutsche Bank acted as the sole book-runner to the transaction. The FCCBs are expected to be listed on the Singapore Exchange Securities Trading Ltd. The FCCBs, which have a maturity of 5 years and 1 day, are convertible at a price of Rs 90 per share, (as adjusted from time to time) which is at a premium of 49.50 per cent over the closing price of Rs 60.20 on the BSE on April 18. The FCCBs bonds are zero coupon bonds with a yield to maturity of 7.80 per cent, calculated on a semi — annual basis, at the end of 5 years and 1 day, if not converted into shares during the period.
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