JSW Steel to raise $325 mln via FCCBs

New Delhi, May 30 (UNI) JSW Steel Ltd will issue Foreign Currency Convertible Bonds (FCCBs) worth 325 million dollars to be listed on the Singapore Stock Exchange.

The company's Finance Committee of Directors authorised to decide on all matters relating to the proposed issuance of FCCBs, has given its approval and has priced it at 325 million dollars, the steel firm told BSE today.

The conversion price is Rs 953.40 per share at a 50 per cent premium over the closing price of Rs 635.60 on the National Stock Exchange on May 29, it said.

The FCCBs will be for a tenure of five years and one day with a yield to maturity at 7.25 per cent per annum calculated on a semi annual basis payable on maturity, if not converted in to shares during the tenure of the bond.

The issue will close on June 27, subject to the company complying with certain conditions like getting in-principle approval for listing of the equity shares to be issued upon conversion of the FCCBs from Indian bourses, approval of Singapore Stock Exchange for listing, issue of offering circular and other consents.

ABN AMRO Rothschild and Citigroup are the joint book runners and lead managers for the offering.

UNI