Assam Company raises US $ 46 million through FCCBS

Kolkata, Nov 24 (UNI) Assam Company Limited, a member of Duncan Macneil Group, today announced raising of 16 million dollars through zero coupon unsecured Foreign Currency Convertible Bonds (FCCBs) for converting it to equity shares.

At a conversion price of Rs 28.75, representing 19 per cent premium to the ruling market price, the bonds would have a tenure of five years with vield to maturity of 8.25 per cent.

The new funds would be utilised for extracting more oil from Amguri oil field and developing AA-ON/7, Laxmijan, Bihubar&Barsilla oil fields.

Part of the fund would be used for further exploration of 1,450 sq km of AA-ON/7 exploratory block and other capex purpose.

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