Suzlon Energy Issues FCCBs worth US$300 million, to list in Singapore Exchange

Suzlon Energy Ltd has announced that the Company on May 16, 2007 has launched and priced a proposed Foreign Currency Convertible Bonds ("FCCBs") issuance for an amount of US$ 300 million. Deutsche Bank acted as the Sole Bookrunner to the transaction.

The FCCBs, which have a maturity of 5 years and 1 day, are convertible at a conversion price of Rs 1,800 per share (as adjusted from time to time), which is at a premium of 59.59% over the volume weighted average price (VWAP) of Rs 1,127.90 on the BSE on May 16, 2007. The FCCBs are zero coupon bonds with a yield to maturity of 7.60%, calculated on a semi-annual basis, at the end of 5 years and 1 day if not converted into shares during the period.

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

The stock closed the day at Rs.1134.75, down by Rs.3.55 or 0.31%. The total traded quantity was 419394 compared to 2 week average of 176278. The stock hit an intraday high of Rs.1165 and low of Rs.1111.10.

Source : Equity Bulls

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