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Corporate - Overseas Borrowings


Monnet Ispat to raise $60 m thru FCCBs

Our Bureau

NEW DELHI: Monnet Ispat Ltd has decided to raise $60 million by way of foreign currency convertible bonds (FCCBs), which will be listed on the Singapore Stock Exchange.

The FCCBs, having a maturity period of five years, are convertible at a price of Rs 317.20 per share, at a premium of 24.09 per cent.

Also, the bonds entail a green shoe option of $15 million and carry a zero coupon rate with a yield to maturity set at 7.6 per cent.

JP Morgan is acting as the lead manager and sole book runner for this offering, a company release said.

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