The Hindu Business Line : Assam Co raises $46 m

Assam Company today announced the successful raising of $46 million through zero coupon unsecured foreign currency convertible bonds (FCCBs). The bonds, having tenure of five to seven years, will be convertible into equity shares at Rs 28.75. The yield to maturity is reportedly 8.25 per cent. Silverdale Services Ltd was the sole lead manager for the offering. The shares of Assam Company closed at Rs 23.55 on Friday, down 2.48 per cent from the previous closing at Rs 24.15.

According to the company, the funds raised through FCCBs would be invested for exploration and development of Amguri and AA-ON/7 oilfields in Assam. The company holds non-operating interests in both the blocks.

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