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Panacea Biotec has launched $100-million foreign currency convertible bonds to fund its expansion plans. The bonds will be issued for five years and can be converted into shares at a premium to the future price of the shares.

The bonds, which have a yield to maturity between 4.5 per cent and 7.25 per cent, will be listed on the Singapore stock exchange. Merrill Lynch International is the sole book runner to the offering.

Company officials were not willing to divulge details of the expansion plans. Its shares closed at Rs 270.40 (Rs 270.60) on the BSE.

(This article was published in the Business Line print edition dated February 10, 2006)
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