By Kenneth Lim
Boston, March 28 - India's Pokarna Ltd. priced $12 million of five-year zero-coupon convertible bonds on Wednesday to yield 7.5% with an initial conversion premium of 32%.
Standard Chartered Bank was the manager of the Regulation S offering.
The initial conversion price was set at Rs. 295.64 per share.
The convertibles will be listed in Singapore.
Pokarna, an Andhra Pradesh, India-based granite mining company, did not say how it will use the proceeds of the deal.
| Issuer: | Pokarna Ltd.
|
| Issue: | Convertible bonds
|
| Bookrunner: | Standard Chartered Bank
|
| Amount: | $12 million
|
| Maturity: | 2012
|
| Coupon: | 0%
|
| Price: | Par
|
| Redemption price: | 143.6%
|
| Yield: | 7.5%
|
| Conversion premium: | 32%
|
| Conversion price: | Rs. 295.64
|
| Pricing date: | March 28
|
| Distribution: | Regulation S
|
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