Moser Baer launches USD 150 mn FCCBs

Mumbai, June 5 (UNI) Moser Baer India Limited, a leading optical media manufacturer, today said it has priced a Foreign Currency Convertible Bond (FCCB) of a principal amount of USD 150 million, with tenure of five years, from their allotment.

The issue was sold last night and received a good response and was over subscribed by 2.25 times the issue size, a press release said.

The FCCB will, subject to obtaining the requisite shareholders approval in this regard, be issued in two tranches, with tranche A being USD 75 million and having a yield to maturity of 6.10 per cent and a conversion premium of 25 per cent over the closing price of Rs 436.75 on the Bombay Stock Exchange (BSE) and Tranche B being USD 75 million and having a yield to maturity of 6.75 per cent and a conversion premium of 40 per cent over the closing price of Rs 436.75 on the Bombay Stock Exchange (BSE).

The FCCBs are expected to be listed on the Singapore Exchange Securities Trading Ltd, the release said.

UNI