The Hindu Business Line : Elder Pharma defers FCCB issue

Coimbatore, March 15 Elder Pharmaceuticals Ltd (EPL) has deferred its plan to come out with a Foreign Currency Convertible Bonds (FCCB) issue to raise $30 million in view of the ‘uncertainties in international capital markets’.

In a communication to the Bombay Stock Exchange the company stated that its shareholders had earlier approved of raising funds through FCCBs/GDRs to the extent of $50 million. The company had engaged the Royal Bank of Scotland Plc and ICICI Bank to act as placement agents for a proposed offering of FCCBs for up to $30 million, which were required to be listed on the Singapore Stock Exchange. EPL had taken up the necessary preliminary steps for the proposed offering.

But in view of ‘uncertainties in international capital markets’, EPL has been advised to defer its proposed FCCB offering until the markets have ‘sufficiently stabilised’ to enable the offer to go through smoothly. Accordingly, the company has decided to defer the issue. At the appropriate time it will decide on the FCCBs offer and inform the exchanges and seek their in-principle approvals, the BSE notification said.

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