Lupin places $100-million FCCB

By Our Corporate Bureau | 07 Dec 2005

Lupin Ltd has announced that it has successfully launched and priced an accelerated zero coupon $100-million foreign currency convertible bonds (FCCB) offering.

The bonds have a tenure of five years and are convertible into equity shares at a premium of 50 per cent to the BSE closing price of Rs756.05 as on December 06, 2005. The yield to maturity (YTM) of the bonds is set at 6.05 per cent per annum.

The bonds are expected to be listed on the Singapore Stock Exchange. The offering was launched after market trading hours on December 06, 2005. Merrill Lynch acted as the sole book-runner to the transaction.