Wanbury raises 15 mn euros via FCCBs

New Delhi, June 24: Aniti-diabetes drug maker Wanbury Ltd has raised worth 15 million euros through an issue of Foreign Currency Convertible Bonds (FCCBs) to fund its acquisition and expansion plans.

The company proposes to utilise the proceeds for overseas acquisition, expansion, research and development and other permitted purposes specified in the External Commercial Borrowings Guidelines, a statement said.

The FCCBs are divided into two parts namely Foreign Currency Convertible A Bonds and Foreign Currency Convertible B Bonds.

The company has allotted 800 Bond A of face value of 10,000 euros each fully paid and 700 Bond B of face value 10,000 euros each partly paid.

The size of Bond A is eight million euros fully paid. The paid-up amount of Bond B is 10 per cent marking the size of Bond B at seven million euros and paid-up amount at seven lakh euros.

UNI