By Kenneth Lim
Boston, May 3 - India Cements Ltd. on Tuesday priced $75 million of five-year zero-coupon convertible bonds to yield 7.95% with an initial conversion premium of 30%.
The convertible bonds have an initial conversion price of Rs. 305.57 per share. India Cements stock closed at Rs. 235.05 on India's National Stock Exchange on Tuesday.
ABN Amro Rothschild and Deutsche Bank were the bookrunners of the deal.
India Cements is a Chennai, India-based cement producer. It did not say how the proceeds of the offering would be used.
Issuer: | India Cements Ltd.
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Issue: | Foreign currency convertible bonds
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Bookrunners: | ABN Amro Rothschild, Deutsche Bank
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Amount: | $75 million
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Maturity: | Five years and one day
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Coupon: | 0%
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Price: | Par
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Yield: | 7.95%
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Conversion premium: | 30%
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Conversion price: | Rs. 305.57
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Pricing date: | May 2
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Symbol: | Bombay: INDIACEM
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Listing: | Singapore Exchange
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