Strides completes 100 mn dlr bond issue
Pharmaceutical company Strides Arcolab on Wednesday said it has raised 100 million dollar through issue of convertible bonds, to be listed at the Singapore Stock Exchange.
By PTI |
MUMBAI: Pharmaceutical company Strides Arcolab on Wednesday said it has raised 100 million dollar through issue of convertible bonds, to be listed at the Singapore Stock Exchange.
The company has completed the issue and allotment of $100 million convertible bonds due in 2012, Strides Arcolab said in a communique to the Bombay Stock Exchange.
The bonds that are due in 2012, were issued at an initial conversion price of Rs 461.55 per share with a fixed rate of exchange of Rs 40.70 per dollar, it added.
"We are delighted that this issue has generated strong demand and was over subscribed, reflecting a high level of confidence at the investors in the company's strategy and niche business model," Strides Arcolab Vice Chairman and Managing Director Arun Kumar had said.
The funds raised through the issue would be utilised to meet capital expenditure, finance potential overseas acquisition programmes and invest in a foreign subsidiary.
Barclays Capital was the sole bookrunner and lead manager for the offering. State Bank of India acted as the financial advisor to the issue.
Shares of Strides Arcolab were trading at Rs 335.90, up 0.39 per cent on BSE in early morning trade.
The company has completed the issue and allotment of $100 million convertible bonds due in 2012, Strides Arcolab said in a communique to the Bombay Stock Exchange.
The bonds that are due in 2012, were issued at an initial conversion price of Rs 461.55 per share with a fixed rate of exchange of Rs 40.70 per dollar, it added.
"We are delighted that this issue has generated strong demand and was over subscribed, reflecting a high level of confidence at the investors in the company's strategy and niche business model," Strides Arcolab Vice Chairman and Managing Director Arun Kumar had said.
The funds raised through the issue would be utilised to meet capital expenditure, finance potential overseas acquisition programmes and invest in a foreign subsidiary.
Barclays Capital was the sole bookrunner and lead manager for the offering. State Bank of India acted as the financial advisor to the issue.
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Shares of Strides Arcolab were trading at Rs 335.90, up 0.39 per cent on BSE in early morning trade.
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