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Our Bureau

New Delhi, June 5

Moser Baer India Ltd today announced it has priced foreign currency convertible bonds (FCCBs) of principal amount of $150 million, with tenure of five years. "The issue was sold last night and received a good response and was oversubscribed by 2.25 times the issue size," a company release said here.

The FCCBs, which is subject to shareholders approval, would be issued in two tranches, with the first tranche being $75 million and having a yield to maturity of 6.10 per cent and a conversion premium of 25 per cent over the closing price of Rs 436.75 on the Bombay Stock Exchange on June 4, 2007.

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