The Hindu Business Line : Bilcare arm raises $90 m thru bonds issue

Kolkata, Dec. 28 Bilcare Singapore Pte. Ltd, wholly owned subsidiary of Bilcare Ltd, has raised $90 million through issue of 4 per cent convertible bonds, due for maturity in 2012.

Mr Dilip Mehrotra, CFO of Pune-based Bilcare Ltd, told Business Line that Bilcare Singapore, which is the holding company for Bilcare’s US, the UK, German and Brazilian business entities, would spend the money on the expansion plans at the facilities in the US and Europe. Contribution of overseas business to the consolidated turnover of Bilcare is set to go up significantly this fiscal from 20 per cent in 2006-07.

The bonds, which have been picked up by a few institutional investors, may be redeemed at the option of the bondholder on the maturity date at a price of 130.726 per cent of the principal amount, plus accrued interest. The bonds may be converted into shares of Bilcare Singapore Pte, if it opts for an IPO, in 90 days of the completion of that exercise.

The current paid-up capital of Bilcare Singapore is 34 million Singapore dollar. It also runs a 20,000 tpa barrier polymer film production facility in Singapore. According to Mr Mehrotra, an IPO could happen in the next couple of years. The bonds will be listed on Singapore Stock Exchange.

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