Bharti raises $100 mn in FCCB

By siliconindia   |   Thursday, 08 April 2004, 19:30 IST
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NEW DELHI: Sunil Mittal-promoted Bharti Group on Wednesday announced successful completion of $100 million Foreign Convertible Currency Bond issue and also decided to retain 15 per cent of the oversubscription. "The issue received an overwhelming response from the foreign investors and generated a demand exceeding $1billion worth within two hours of the launch," a Bharti spokesperson told PTI. The conversion price under the bond works out to be Rs 232 reflecting about 40 per cent premium on Wednesday’s closing price of Bharti Televentures at Rs 166. more The five-year bond carries zero coupon rate with yield to maturity at 2.25 per cent by way of redemption premium, the spokesperson said adding ABN Amro and Deutsche Bank acted as joint book runners to the transaction. When contacted, Akhil Gupta, Joint Managing director, Bharti, said 'the resounding success of the FCCB issue reflects the strength of the company and investors' confidence."