By Kenneth Lim
Boston, Jan. 23 - India's Shrenuj & Co. Ltd. has priced a combined $15 million of five-year convertible bonds in two equally sized tranches.
The series A convertibles have a coupon of 4% and an initial conversion premium of 2.9% over its Tuesday closing stock price on the Bombay Stock Exchange.
The series B convertibles have a coupon of 6% and an initial conversion discount of 7.4%.
Shrenuj did not identify the bookrunners of the Regulation S offering, which will be listed in Singapore.
Shrenuj, a Mumbai, India-based jewelry maker, did not say how it will use the proceeds of the offering.
| Issuer: | Shrenuj & Co. Ltd.
|
| Issue: | Convertible bonds
|
| Settlement date: | Jan. 22
|
| Distribution: | Regulation S
|
|
|
| Series A
|
| Amount: | $7.5 million
|
| Maturity: | Five years
|
| Coupon: | 4%
|
| Conversion premium: | 2.9%
|
| Conversion price: | Rs. 50
|
|
|
| Series B
|
| Amount: | $7.5 million
|
| Maturity: | Five years
|
| Coupon: | 6%
|
| Conversion premium: | Minus 7.4%
|
| Conversion price: | Rs. 45
|
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