Financial Daily from THE HINDU group of publications
Friday, May 07, 2004
Financial Daily from THE HINDU group of publications Friday, May 07, 2004 |
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Corporate
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Overseas Borrowings Jubilant issues foreign currency bonds for $35 m Our Bureau
New Delhi , May 6 JUBILANT Organosys Ltd on Thursday announced that the company has issued unsecured and unrated five-year FCCBs (Foreign Currency Convertible Bonds) worth $35 million to international investors. The FCCBs have a 15 per cent conversion premium at Rs 818.23 per share by taking the closing price of Jubilant stock of Rs 711.50 on May 4, 2004, as the base price, according to a company release. The company has already filed an application to list the FCCBs on the Singapore Stock Exchange. The FCCB will be convertible to rupee stocks or GDRs at the option of the holder. Application has also been filed to list the GDRs on Luxemburg Stock Exchange when GDRs are issued on conversion of the FCCBs. The proceeds of the issue will be used partly to fund the recently announced acquisitions of two pharmaceutical companies in Europe for Euro 13.5 million as well as to finance the capital expenditure for the company's expansion plans.
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