Our Bureau

Mumbai, April 15

BHARAT Forge Ltd (BFL) today informed the BSE that its Committee of Directors has approved the offering and pricing of a $100-million GDR issue including a $10 million-greenshoe option.

Two tranches of foreign currency convertible bonds of $60 million each with maturity of 5 years and one day were also approved.

According to an official statement, the GDRs were priced at $27.50 each. One GDR represents one BFL equity share of paid up value Rs 10.

The first tranche is convertible at Rs 1,680.525 per share, which represents a 40 per cent premium to the GDR price, a yield to maturity of 5.25 per cent and a coupon of 0.5 per cent.

The second tranche is convertible at Rs 1,920.60 per share, which represents a 60 per cent premium to the GDR price, a yield to maturity of 5.75 per cent and coupon of 0.5 per cent.

The GDRs and FCCBs are to be listed on the Luxembourg Stock Exchange.

(This article was published in the Business Line print edition dated April 16, 2005)
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