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HYDERABAD: Deccan Chronicle Holdings Ltd has launched a $54.02-million foreign currency convertible bonds (FCCBs) offering.

The company informed the stock exchanges that the FCCBs would be listed on the Singapore Stock Exchange.

The offering was launched after trading hours on Monday.

The bonds, which have a maturity of five years, are convertible at a conversion price of Rs 522.83 per share, a premium of 60 per cent over the reference share price of Rs 326.77, the volume weighted average price for the company, on the Bombay Stock Exchange, on Monday. The bonds carry a zero coupon with a yield to maturity set at 6.9 per cent.

The company said the issuance of the bonds is subject to the approval of its shareholders, whose meeting would be held on September 30. JP Morgan is acting as the lead manager and sole book runner for the FCCBs offering.

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