Financial Daily from THE HINDU group of publications
Thursday, Nov 17, 2005
Financial Daily from THE HINDU group of publications Thursday, Nov 17, 2005 |
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Corporate
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Overseas Borrowings Shanthi Gears mops up $15 m through FCCBs Our Correspondent
Coimbatore , Nov. 16 THE Coimbatore-based industrial gear manufacturer Shanthi Gears Ltd has raised $15 million through a Foreign Currency Convertible Bond (FCCB) issue to fund its investment plans. The company has informed the NSE that the FCCB issue was closed successfully on November 14. The bonds are issueable in two tranches consisting of $10-million 0.5 per cent Series A Convertible Bonds due 2010 and $5-million 0.5 per cent Series B Convertible Bonds due 2010, both convertible into equity shares of Re 1 each. The proceeds of the issue will be used for certain capital projects. The Series A Bonds have already been placed at a premium of 0.5 per cent and are convertible at an initial conversion price of Rs 58.35 per equity share. The series B bonds are convertible at 115 per cent of the average closing price of the equity share during the 30 trading days prior to the series B bond pricing date. EMG Corporate Finance Ltd acted as the international lead manager and SBI Capital Markets Ltd was the domestic lead manager for the issue. Shanthi Gears' share price closed at Rs 56.15 at the BSE (trading volume of 30,163 shares) and at Rs 56.30 at the NSE (63,965 shares) on Wednesday.
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