SKNL successfully closes its FCCB of USD 50 million

Mumbai, Apr 12 (UNI) S Kumars Nationwide Ltd. (SKNL), one of India's leading textiles and apparel majors, today announced that it has placed USD 50 million, unsecured and unrated 5-year foreign currency convertible bonds (FCCBs) with a coupon of two per cent, inclusive of a green shoe option of USD 5 million, (approximately Rs. 223-crore).

A release here today said that the pricing was at approximately a 20 per cent premium to the volume-weighted average price of Rs. 47.70 for the two weeks ending March 30, this year, resulting in a conversion price of Rs. 57 per share.

The underlying equity shares on conversion will be listed on the BSE and the NSE.

The issue has been placed with large international investors and the company has made an application to list the FCCBs on the Singapore Stock Exchange, said the release.

The proceeds of the issue will enable the company to fund its growth plans, which are currently under implementation.

Jefferies International Limited was the sole bookrunner and manager on this transaction.

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