Gayatri Projects Ltd on Friday said it has launched yen 3,075 million unsecured zero coupon convertible bonds maturing in 2012. The company plans to use the proceeds for capital expenditure and investment in infrastructure projects and for international acquisitions.
The bonds have a yield to maturity of 3.75 per cent per annum and the conversion price is expected to be set at a premium of 25 per cent to the share price on the June 27-28 on Bombay Stock Exchange.
The bonds will be issued at par and redeemed 120.414 per cent of par on maturity. They will be listed on the Singapore Exchange. The issue closes on July 31.JP Morgan is the sole book runner and lead manager for the offering.
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