By Kenneth Lim
Boston, March 22 - India's Reliance Communication Ventures Ltd. priced a $500 million offering of zero-coupon convertible bonds to yield 4.65% with an initial conversion premium of 50%.
The bonds, which mature in five years and a day, were priced at par. They may be converted into Reliance shares at an initial conversion price of Rs. 480.68. Reliance shares closed at Rs. 300.30 on Wednesday, according to data from India's National Stock Exchange.
Reliance will seek to list the bonds in Singapore.
Reliance, India's second-largest mobile phone services operator, said it was raising "long term resources" through the deal. Reliance is based in Hyderabad, Andhra Pradesh.
| Issuer: | Reliance Communication Ventures Ltd.
|
| Issue: | Foreign currency convertible bonds
|
| Bookrunner: | Deutsche Bank
|
| Amount: | $500 million
|
| Maturity: | Five years and one day
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 4.65%
|
| Conversion premium: | 50%
|
| Conversion price: | Rs. 480.68
|
| Pricing date: | March 22
|
| Listing: | Singapore Exchange
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
