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Sterling Biotech to raise $70 M in convertibles
By siliconindia
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Tuesday, 14 September 2004, 19:30 IST
MUMBAI: Indian tea planter Sterling Biotech Ltd is raising $70 million through an issue of foreign currency convertible bonds, the company said in a statement to the Bombay Stock Exchange (BSE).
Bondholders can convert the bonds into local or global depository shares at an initial conversion price of 10 per cent above the average of closing prices on the five consecutive days immediately prior to the issue date.
The bonds, which will be issued in two tranches, carry a two per cent semi-annually payable coupon.
The first tranche of $20 million is redeemable at a premium of three per cent after three years, while the second tranche of $50 million is redeemable at a premium of five per cent after five years.
The issue is expected to be listed on the Luxembourg Stock Exchange.