Nectar Lifesciences raises US$ 35mn through FCCBs

Mumbai, Mar 25 (UNI) Nectar Lifesciences Ltd informed BSE that as per the authority granted by the share holders in their Extra Ordinary General Meeting held on December 15 last year, the company had successfully raised US dollar 35 million through Foreign Currency Convertible Bonds (FCCB) on March 2 this year, Deutsche Bank acted as the sole bookrunner to the transaction.

The bonds, which have a maturity of 5 years and 1 day, are convertible at a conversion price of Rs 331.74 per share, which is at a premium of 20.0 per cent over the closing price of Rs 276.45 on the Bombay Stock Exchange on March 24 last year. 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 5 years if not converted, into shares during this period.

Due to the strong response to the offering, the issue was upsized from US dollar 30 million to US dollar 35 million. The bonds are expected to be listed on the Singapore Exchange Securities Trading Limited.

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