Moser Baer to raise US$150 million through FCCB issue

Moser Baer India Ltd has announced that the Board Committee of the Company on June 04, 2007, has approved a Foreign Currency Convertible Bonds (FCCBs) issue of an aggregate value not exceeding US$150 million, with five year tenure.

The FCCBs issue is two tranche structure of USD 75 million each; Tranche A has a 25% conversion premium while Tranche B has a conversion premium of 40%, over the closing price of Rs 436.75 on the Bombay Stock Exchange (BSE) on June 04, 2007. The FCCBs are zero coupon bonds with a five year tenor, if not converted into shares during the period.

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

Citigroup and Morgan Stanley are the joint book runners and lead managers for the offering.

Source : Equity Bulls

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