Saturday, 24 August 2019
khabarexpress:Local to Global NEWS
  1086 view   Add Comment

Suzlon Launches FCCB Issue

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

New Delhi (IndiaPRwire)

Suzlon Energy Limited (SEL), the world's fifth largest wind turbine generator (WTG) company, and the largest WTG manufacturer in India and Asia, on May 16, 2007 launched and priced a Foreign Currency Convertible Bonds (FCCBs) issuance for an amount of USD 300 million. The proceeds of the Bond will be utilized to fund Suzlon's various Growth Initiatives.

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 bond will have a Mandatory Conversion feature after 24 months.

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

Deutsche Bank acted as the Sole Bookrunner to the transaction; and Yes Bank Ltd. has acted as an advisor to the Company.
 

Press Release distribution via India PRwire

Share this news

Post your comment