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Written by: Staff
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Mumbai, Apr 7 (UNI) Mahindra&Mahindra Ltd, has successfully completed its US Dollar 200 million foreign currency convertible bonds(FCCB) issue, the proceeds of which would be used for expansion and overseas acquisitions.

The issue was oversubscribed, a company release today claimed.

The demand was about 3.2 times the issue size and was priced at zero coupon for over five year tenure, with a redemption price of 128.03 per cent to 5 per cent yield on maturity.

However, the conversion price was fixed at Rs 922.04, which is at 40 per cent premium to closing share price of Rs. 658.60 on April five on the NSE. The Conversion Price works out to 45 per cent over the last 14 day average share price on NSE.

''The overwhelming demand for the issue indicates the continued interest of global investors'', said company's finance and legal affairs president Uday Phadke, adding, ''the proceeds are intended to be used for product development, modernization, and expansion by internal growth as well as overseas acquisitions.'' UNI VS KD SKB1814

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