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Corporate - Overseas Borrowings


Bharat Forge approves $100-m GDR issue

Our Bureau

Mumbai , April 15

BHARAT Forge Ltd (BFL) today informed the BSE that its Committee of Directors has approved the offering and pricing of a $100-million GDR issue including a $10 million-greenshoe option.

Two tranches of foreign currency convertible bonds of $60 million each with maturity of 5 years and one day were also approved.

According to an official statement, the GDRs were priced at $27.50 each. One GDR represents one BFL equity share of paid up value Rs 10.

The first tranche is convertible at Rs 1,680.525 per share, which represents a 40 per cent premium to the GDR price, a yield to maturity of 5.25 per cent and a coupon of 0.5 per cent.

The second tranche is convertible at Rs 1,920.60 per share, which represents a 60 per cent premium to the GDR price, a yield to maturity of 5.75 per cent and coupon of 0.5 per cent.

The GDRs and FCCBs are to be listed on the Luxembourg Stock Exchange.

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