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Our Bureau

Mumbai , October 24

HIKAL Ltd has raised the equivalent of $25 million through a mix of foreign currency convertible bonds (FCCBs) and convertible preference shares (CPS), the company told the Bombay Stock Exchange (BSE).

Rabobank International is the lead manager and advisor to this issue.

The FCCBs are convertible into ordinary/equity shares at a conversion price of Rs 745, which is at an approximate premium of 32 per cent over the equity share closing price on October 21, on the BSE.

The bonds carry a coupon rate of 0.5 per annum at a yield to maturity of 6.25 per cent at the end of five years if not converted into shares during this period. The bonds are listed on the Singapore Stock Exchange.

The CPS has a tenor of three years with a put and call option at the end of 18 months and an annualised dividend yield of seven per cent. The CPS are convertible into ordinary/equity shares at a conversion price of Rs 665, which is at an approximate premium of 17.5 per cent over equity share closing price on October 21, on the BSE.

The issue was oversubscribed by approximately 2.5 times.

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