Moser Baer India Limited, a leading optical media manufacturer, today announced that it has priced a Foreign Currency Convertible Bond (FCCB) of a principal amount of US$150 million, with tenure of five years from their allotment. The issue was sold last night and received a good response and was over subscribed by 2.25 times the issue size.
The FCCB will, subject to obtaining the requisite shareholders approval in this regard, be issued in two tranches, with tranche A being USD 75 million and having a yield to maturity of 6.10% and a conversion premium of 25% over the closing price of Rs 436.75 on the Bombay Stock Exchange (BSE) on 4th June, 2007 and Tranche B being USD 75 million and having a yield to maturity of 6.75% and a conversion premium of 40% over the closing price of Rs 436.75 on the Bombay Stock Exchange (BSE) on 4th June, 2007.
The FCCBs are expected to be listed on the Singapore Exchange Securities Trading Ltd.
Citigroup and Morgan Stanley are the joint book runners and lead managers for the offering.
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