Strides Arcolab completes USD100 million Convertible Bonds issue

Strides Arcolab Ltd has announced that the Company has completed the issue and allotment of USD 100 Million ‘Zero Coupon Convertible Bonds due 2012’.

The Bonds which will be due in 2012, have been issued at an initial conversion price of Rs 461.553 per share with a fixed rate of exchange on conversion of Rs 40.70 = US $ 1.00. The yield to maturity has been set at 7.575 per cent and the Bonds will be redeemed at 145.058 per cent of par on June 27, 2012.

The Bonds will be listed at the Singapore Exchange Ltd.

Barclays Capital was the Sole Bookrunner and Lead Manager for the offering. State Bank of India acted as the Financial Advisor to the issue.

The stock was trading at Rs.334.10, down by Rs.0.50 or 0.15%. The stock hit an intraday high of Rs.336 and low of Rs.333. The total traded quantity was 941 compared to 2 week average of 14358.

Source : Equity Bulls

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