New Delhi: Optical storage devices maker Moser Baer India Ltd on 5 June said it has raised $150 million (over Rs 600 crore) through issue of Foreign Currency Convertible Bonds (FCCB), which are expected to be listed on the Singapore Stock Exchange (SGX).
“The issue was sold last night and received a good response and was over subscribed by 2.25 times the issue size,” the company said in a statement.
They are zero coupon bonds with a five-year tenor, it said.
The issue would be in two tranches of $75 million each. Tranche A has a 25% conversion premium, while Tranche B has a conversion premium of 40% over the scrip’s closing price of Rs436.75 rupees on the Bombay Stock Exchange on June 4.
Citigroup and Morgan Stanley are the joint Book Runners and Lead Managers (BRLM) for the offering, Moser Baer said in the statement.