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.
Showing posts with label Singapore Exchange Limited. Show all posts
Showing posts with label Singapore Exchange Limited. Show all posts
Friday, June 29, 2007
Wednesday, June 27, 2007
Strides $100mn FCCB conversion at 145% prem
Strides Arcolab today announced that the company has successfully completed the issue and allotment of $100 million 'zero coupon convertible bonds due 2012'.
According to a release issued by Strides to the BSE today, the bonds to be listed at the Singapore Exchange, have been issued at an initial conversion price of Rs 461.55 per share with a fixed rate of exchange on conversion of Rs 40.70 = $1. The yield to maturity has been set at 7.575% and the bonds will be redeemed at 145% premium to its yesterday's closig price on BSE.
According to a release issued by Strides to the BSE today, the bonds to be listed at the Singapore Exchange, have been issued at an initial conversion price of Rs 461.55 per share with a fixed rate of exchange on conversion of Rs 40.70 = $1. The yield to maturity has been set at 7.575% and the bonds will be redeemed at 145% premium to its yesterday's closig price on BSE.
Wednesday, June 6, 2007
Moser Baer launches US$150 mn FCCBs
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.
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.
Wednesday, May 30, 2007
JSW Steel to raise USD 325 million via FCCB
The FCCB issue is for USD 325 million with the conversion price of Rs 953.40 per share and the conversion price is at 50% premium over yesterday's close. This hasn’t come as a big surprise as it was mentioned in their result press conference that the company is looking to raise money via FCCB or ADR route.
Their 5-year, zero coupon convertibles are at annual YTM of 7.25%. The company is also looking to list on Singapore Stock Exchange and the closing date is on June 27 with ABN AMRO, Rothschild and Citigroup as joint book runners. The conversion price of Rs 953.40 per share would lead to an equity dilution of 7.8%.
The company is raising money for capex plan and is looking at increasing capacity from 3.8 mtpa to 10 mtpa by September 2010. The company has announced a capex of Rs 7,000 crore for expansion plans out of which Rs 2,000 crore is through internal accruals while Rs 5,000 crore will be financed via debt and quasi-debt instruments.
Their 5-year, zero coupon convertibles are at annual YTM of 7.25%. The company is also looking to list on Singapore Stock Exchange and the closing date is on June 27 with ABN AMRO, Rothschild and Citigroup as joint book runners. The conversion price of Rs 953.40 per share would lead to an equity dilution of 7.8%.
The company is raising money for capex plan and is looking at increasing capacity from 3.8 mtpa to 10 mtpa by September 2010. The company has announced a capex of Rs 7,000 crore for expansion plans out of which Rs 2,000 crore is through internal accruals while Rs 5,000 crore will be financed via debt and quasi-debt instruments.
Friday, May 18, 2007
BSE demutualised; LIC, SBI, AV Birla group pick up stakes
The Bombay Stock Exchange, Asia’s oldest, on 18 May completed a nearly two-year exercise of corporatising itself by offloading 51% of broker members’ stake to 19 investors including SBI, LIC and Aditya Birla group, besides Deutsche Borse and Singapore Exchange.
The corporatisation or demutualisation process was to have been completed by 19 May as mandated by the Securities and Exchange Board of India under the BSE (Corporatisation and Demutualisation) Scheme, 2005.Before demutualisation, 790 broker-members held 100% in the 131-year-old exchange.
The 19 investors have picked up 41% stake and the remaining 10% was sold to Deutsche Borse and Singapore Exchange (SGX), who picked up 5% each for Rs189 crore at Rs5,200 a share earlier this year.The market capitalisation of the BSE now stands at around $1 billion.
T V Raghunath, executive president, investment banking, Kotak Mahindra Capital Company, which was the exclusive financial advisor to the demutualisation process, said that a total of $500 million was collected through the stake sale.
Read more in The Live Mint article.
The corporatisation or demutualisation process was to have been completed by 19 May as mandated by the Securities and Exchange Board of India under the BSE (Corporatisation and Demutualisation) Scheme, 2005.Before demutualisation, 790 broker-members held 100% in the 131-year-old exchange.
The 19 investors have picked up 41% stake and the remaining 10% was sold to Deutsche Borse and Singapore Exchange (SGX), who picked up 5% each for Rs189 crore at Rs5,200 a share earlier this year.The market capitalisation of the BSE now stands at around $1 billion.
T V Raghunath, executive president, investment banking, Kotak Mahindra Capital Company, which was the exclusive financial advisor to the demutualisation process, said that a total of $500 million was collected through the stake sale.
Read more in The Live Mint article.
Monday, May 14, 2007
LIC, SBI in race to buy BSE stake
State Bank of India and Life Insurance Corporation are among the front runners to pick up stake in the Asia's oldest bourse Bombay Stock Exchange, which has to demutualise by May 19.Under demutualisation, BSE has to off-load 51% stake in the stock exchanges owned by 790 brokers. The exchange has already offloaded 10% stake to Deutsche Bourse and Singapore Exchange and 41% has to be sold by next week.
BSE has received interest from over 20 leading domestic and foreign financial institutions for offloading remaining 41% stake. The long overdue announcement of the remaining 41% stake is likely next week, a BSE official said.
BSE is keeping the names of the firms, which have applied for picking up stakes, under wraps but indication are SBI, LIC and Bank of India are among 20 firms and FIs that have applied for.
Read more in The Times of India article.
BSE has received interest from over 20 leading domestic and foreign financial institutions for offloading remaining 41% stake. The long overdue announcement of the remaining 41% stake is likely next week, a BSE official said.
BSE is keeping the names of the firms, which have applied for picking up stakes, under wraps but indication are SBI, LIC and Bank of India are among 20 firms and FIs that have applied for.
Read more in The Times of India article.
Friday, April 13, 2007
BSE to sell 41% stake for $ 384mn
The Bombay Stock Exchange (BSE) is selling 41% stake to 20 investors, including domestic and foreign financial institutions, for about $ 384 milliion - the biggest private placement of equity ever in the country.
Insurance behemoth Life Insurance Corporation of India (LIC) and State Bank of India (SBI) are among the investors though no confirmation was available from the exchange.BSE held its board meeting and extra-ordinary meeting (EGM) today to complete the demutualisation process. The deadline for completing the 51% stake held by broker- members in BSE, Asia's oldest exchange, is mid-May this year.
Recently, it sold 5% stake each to Franfurt-based Deutsche Boerse AG and Singapore Exchange at Rs 5,200 per share. The deal valued the exchange at $800 million.
Read more in The Business Standard article.
Insurance behemoth Life Insurance Corporation of India (LIC) and State Bank of India (SBI) are among the investors though no confirmation was available from the exchange.BSE held its board meeting and extra-ordinary meeting (EGM) today to complete the demutualisation process. The deadline for completing the 51% stake held by broker- members in BSE, Asia's oldest exchange, is mid-May this year.
Recently, it sold 5% stake each to Franfurt-based Deutsche Boerse AG and Singapore Exchange at Rs 5,200 per share. The deal valued the exchange at $800 million.
Read more in The Business Standard article.
Thursday, March 8, 2007
Singapore Exchange to buy 5% in BSE
Singapore Exchange Ltd (SGX), one of the youngest of the bourses in Asia, has agreed to buy a 5% stake in Bombay Stock Exchange (BSE), the oldest stock exchange in the continent, for $42.7 million (Rs 189 crore).
SGX will pay Rs 5,200 for each share of BSE, the same price that Frankfurt-based Deutsche Borse had agreed to pay for an equal stake less than a month ago.
Read more inThe Times of India article.
SGX will pay Rs 5,200 for each share of BSE, the same price that Frankfurt-based Deutsche Borse had agreed to pay for an equal stake less than a month ago.
Read more inThe Times of India article.
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