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Friday, Mar 17, 2006


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Deutsche to invest $75 m in Sical

Our Bureau

Chennai , March 16

Deutsche Bank has entered into a `subscription agreement' with Sical Logistics Ltd (formerly, the logistics division of South India Corporation (Agencies) Ltd ) for investing $ 75 million in the foreign currency convertible bond issue of Sical Logistics.

The company today announced to the stock exchanges that the FCCBs would be of a tenor of five years and the conversion price will be Rs 563.55, which is a premium of 30 per cent over the closing price of Rs 433.5 on the Bombay Stock Exchange on March 14.

The bonds carry a zero coupon rate, but if they are not converted into shares, there is a provision for such interest rate as would work out to a yield-to-maturity of 6.32 per cent. The FCCBs are to be listed on the Singapore Exchanges Securities Trading Ltd.

Sources in Sical Logistics today told Business Line that the company would come out with a GDR issue for $ 50 million. (The company had announced earlier this month that it intended to raise $ 125 million from the overseas markets.)

The funds are to be invested in the container freight train project and to buy at least four `offshore supply vessels' for serving ONGC — boats that carry supplies to oil rigs and platforms. Sical for some years has been managing 15 offshore supply vessels for ONGC.

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