Strides Arcolab issues USD 40 million foreign currency convertible bonds

EPP News Bureau - Mumbai

Strides Arcolab Limited, a leading Indian developer and manufacturer of pharmaceuticals announced an agreement to privately place an offering of USD 40 million foreign currency convertible bonds (FCCBs) with Deutsche Bank acting as the sole underwriter subject to shareholder approvals.

According to a press release, the bonds of five year tenure have an issue price of 100 per cent of par carrying 0.5 per cent coupon bonds can be redeemed at a premium to par to yield 6.8 per cent per annum. The bonds convert into ordinary shares of Strides Arcolab at a conversion price of Rs 358.70. The issuance of the bonds is subject to approval by the EGM on 12 April, 2005 and the bonds are expected to be listed on the Singapore Stock Exchange.

Strides listed on the Indian National Stock Exchange and the Bombay Stock Exchange (BSE) has a global presence in more than 50 countries. The company has factories in India, Brazil, Mexico and USA.