Nectar Lifesciences raises USD 35 mn through FCCBs

Mumbai, Mar 24 (UNI) Nectar Lifesciences Ltd today successfully raised USD 35 million through foreign currency convertible bonds (FCCB).

Deutsche Bank acted as the sole bookrunner for the transaction.

The bonds, which have a maturity of five years and one day, are convertible at a conversion price of Rs 331.74 per share, which is at a premium of 20 per cent over the closing price of Rs 276.45 on the Bombay Stock Exchange today.

The bonds are zero coupon bonds with a yield to maturity of 8.375 per cent, calculated on a semi-annual basis, at the end of five years if not converted, into shares during this period, said a company release.

Due to the strong response to the offering, the issue was upsized from USD 30 million to USD 35 million.

The bonds are expected to be listed on the Singapore Exchange Securities Trading Limited.

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