Strides to raise $100 mln via convertible bonds

New Delhi, June 27: Bangalore-based Strides Arcolab Ltd today said it will raise 100 million dollars through zero coupon convertible bonds.

The bonds have a maturity period of five years and have been issued at an initial conversion price of Rs 461.55 per share with a fixed rate of exchange on conversion of Rs 40.70.

The yield to maturity has been set at 7.57 per cent and the bonds will be redeemed at 145.05 per cent of par, a statement said.

The bonds will be listed at the Singapore Exchange Ltd.

Strides Arcolab Ltd manufactures a range of ethical pharmaceutical products, over-the-counter products and nutraceuticals.

UNI