• search

Gujarat NRE Coke announces launch of USD 50 mn FCCBs

Written by: Staff
|

Mumbai, Mar 28 (UNI) Gujarat NRE Coke today announced the launch of USD 50 million unsubordinated unsecured foreign currency convertible bonds (FCCBs) due 2011.

In addition, the joint-lead managers have an option to increase the issue size by an additional USD 10 million principal amount of bonds.

The bonds will be convertible into ordinary shares of the company, quoted on the Bombay Stock Exchange (BSE), the National India Stock Exchange (NSE) and the Calcutta Stock Exchange (CSE).

The bonds have a tenure of five years and one day, and are expected to carry a coupon of zero per cent with a yield to maturity of 6.50 per cent to seven per cent per annum.

The bonds will convert into ordinary shares of the company at a conversion price of Rs 125 per share which is 24.19 per cent premium to the BSE closing price of Rs 100.65 as on yesterday.

The bonds will be redeemed at 137.68 to 141.05 per cent and will not be callable for three years. Thereafter, the company has the right to redeem all the outstanding bonds at their early redemption price, if parity trades for a specified time period at 130 per cent or more of the then conversion price.

The bonds are expected to be priced today and closing is expected on or about April 11, a company release said.

UNI

For Daily Alerts

For Breaking News from Oneindia
Get instant news updates throughout the day.

Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more