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Uttam Galva raises $30 m thru FCCBs

Our Bureau

Mumbai , July 13

UTTAM Galva Steels today announced that it has raised $30 million through five-year foreign currency convertible bonds.

The bonds, which mature in 2010, carry coupon of two per cent payable semi-annually. The yield to maturity is set at 7.25 per cent at the end of five years.

The initial conversion price, determined at Rs 64.46 per share represents a 45 per cent premium to the reference price.

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