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Wednesday, Nov 03, 2004
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 Corporate - Overseas Borrowings


Good response to L&T's FCCB issue

Our Bureau

Mumbai , Nov. 2

LARSEN & Toubro Ltd's foreign currency convertible bond issue of $125 million launched in the international market on Monday was well received by international investors, said a news release from the company.

The convertible bonds have a maturity of 5 years and are redeemable at a premium to provide a yield-to-maturity of 4 per cent per annum to investors.

They carry a coupon of 1.25 per cent payable annually in arrears.

The bonds are convertible into Global Depository Shares at a premium of 35 per cent over the BSE closing share price of Rs 831.70 on November 1, 2004; they can be converted any time after the 41st day after closing of the issuance until the close of business on the seventh day prior to maturity, said the release.

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