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Mumbai, Dec. 11 Gremach Infrastructure Equipments and Projects Ltd has placed an offering of $50-million one per cent foreign currency convertible bonds (FCCBs).

The bonds have a tenor of five years and one day and are convertible into equity shares at a price of Rs 376.36 per share (at a premium of 15 per cent over the volume weighted average price (VWAP) of the shares on the BSE from October 29, 2007 to December 10, 2007).

The company intends to use the net proceeds raised for its foray into oil rig business as may be permitted by Indian law and the RBI Regulation. The FCCBs issue was subscribed to the extent of 60 per cent only. Bonds are expected to be listed on the Singapore Stock Exchange and the issue is likely to close on January 22, 2008, subject to requisite approvals.

Standard Chartered Bank acted as Sole book runner and Atherstone Capital Markets Ltd acted as Financial Advisor for the FCCB.

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