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Bangalore, June 27

Strides Arcolab Ltd has informed the BSE that it has completed the issue and allotment of $100-million zero coupon convertible bonds due in 2012. The bonds have been issued at an initial conversion price of Rs 461.553 per share with a fixed rate of exchange on conversion of Rs 40.70 per US dollar. The yield to maturity has been set at 7.575 per cent and the bonds will be redeemed at 145.058 per cent on par. The bonds will be listed at the Singapore Exchange Ltd. Barclays Capital was the book runner and lead manager; State Bank of India was the financial adviser to the issue. —

Our Bureau

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