Gremach completes FCCB issue for foray into oil rig business

New Delhi, Dec 11: Gremach Infrastructure Equipments&Projects Ltd today said it has successfully placed an offering of 50 million dollars in foreign currency convertible bonds (FCCBs) for its foray into Oil Rig Business.

The bonds have a tenor of five years and one day and are convertible into equity shares at a price of Rs 376.36 per share, said a statement.

Company Managing Director Rishi Raj Agarwal said ''the funds raised by the FCCB will provide an impetus for organic opportunities available to the Company in Oil rig business globally''.

The FCCBs issue was oversubscribed by 60 per cent. Bonds are expected to be listed on the Singapore Stock Exchange and closing is likely to take place on January 21, 2008.

Standard Chartered Bank acted as sole book runner and Atherstone Capital Markets Ltd acted as Financial Advisor for the FCCB.

UNI