Man Industries raises $ 50 mln
Man Industries informed the Bombay Stock Exchange that it intends to use the net proceeds raised for expansion in India and abroad and such other purposes as may be permitted by Indian law and RBI regulations.
By PTI |
Mumbai: Pipe manufacturer Man Industries India on Friday said it has raised USD 50 million through issue of Foreign Currency Convertible Bonds, which are expected to be listed on Singapore Stock Exchange.
Man Industries informed the Bombay Stock Exchange that it intends to use the net proceeds raised for expansion in India and abroad and such other purposes as may be permitted by Indian law and RBI regulations.
The company already has state-of-the-art manufacturing facilities for LSAW (Longitudinal Submerged Arc Welded) & HSAW (Helically Submerged Arc Welded) line pipes and also for various types of anti-corrosion coating systems.
Commenting on the development, Man Industries Chairman R C Mansukhani said: "The successful launch of the FCCB is a reflection of international investors' confidence in the growth prospects and management of the company. The funds raised by the FCCB will provide an impetus for organic and inorganic opportunities available to the company in pipe industry globally".
The bonds have a tenor of five years and one day and are convertible into equity shares at a price of Rs 287 per share (at a premium of 26.2 per cent over the VWAP of the shares on the BSE on May 3.
BNP Paribas acted as the sole lead manager and bookrunner to the transaction, Man Industries said.
The closing is likely to take place on May 22, 2007, subject to requisite approvals having being obtained, it added.
Man Industries informed the Bombay Stock Exchange that it intends to use the net proceeds raised for expansion in India and abroad and such other purposes as may be permitted by Indian law and RBI regulations.
The company already has state-of-the-art manufacturing facilities for LSAW (Longitudinal Submerged Arc Welded) & HSAW (Helically Submerged Arc Welded) line pipes and also for various types of anti-corrosion coating systems.
Commenting on the development, Man Industries Chairman R C Mansukhani said: "The successful launch of the FCCB is a reflection of international investors' confidence in the growth prospects and management of the company. The funds raised by the FCCB will provide an impetus for organic and inorganic opportunities available to the company in pipe industry globally".
The bonds have a tenor of five years and one day and are convertible into equity shares at a price of Rs 287 per share (at a premium of 26.2 per cent over the VWAP of the shares on the BSE on May 3.
BNP Paribas acted as the sole lead manager and bookrunner to the transaction, Man Industries said.
ADVERTISEMENT
The closing is likely to take place on May 22, 2007, subject to requisite approvals having being obtained, it added.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
