Amtek India raises US$ 70,000,000 through 2.50% FCCBs

Amtek India LImited has priced the issue of US$70,000,000 2.50% Convertible BOnds due 2017 (FCCBs). The FCCBs which have a maturity of 5 years and 1 day, are convertible at the initial conversion price of Rs.103.005 per equity share of the company. The FCCBs will bear a coupon of 2.50% payable on a semi-annual basis. If not converted, redeemed or repurchased, the FCCBs will be redeemable at their specified maturity at 100% of their principal amount together with accrued interest. The FCCBs are expected to be issued and settled on or around September 20, 2012 and subsequently listed on the Singapore Exchange Securities Trading Ltd., subject to approval from the exchange.

DBS Bank Limited, Singapore is the sole Global Coordinator and Book Runner for the said issue.

The Amtek India Ltd stock was trading at Rs.98, down by Rs.0.70 or 0.71%. The stock hit an intraday high of Rs.101 and low of Rs.97.10.

The total traded quantity was 0.97 lakhs compared to 2 week average of 2.16 lakhs.

Source : Equity Bulls

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