Sintex Industries launches up to $150 million step-down convertibles

By Rebecca Melvin

New York, Nov. 15 - Sintex Industries Ltd. launched an offering of up to $150 million of five-year foreign-currency convertible bonds, which were being marketed by ISM Capital LLP as bookrunner and lead manager, according to a news release.

The step-down bonds have a floor price of Rs. 65.74 shares per bond.

Pricing was not yet finalized by Prospect News' deadline.

The launch follows notification in September that the company was considering issuing up to $225 million of foreign-currency convertible bonds, Global Depositary Receipts, American Depositary Receipts or other securities and up to Rs. 6 billion of equity shares or non-convertible debt instruments along with warrants.

Proceeds of the convertibles offering will be used to redeem the company's existing foreign currency convertible bonds issued in 2008.

The Singapore Exchange Securities Trading Ltd. has approved in-principle the listing and quotation of the bonds and in-principle approvals have been obtained for listing of the equity shares that will be issued upon conversion.

Based in Gujarat, India, Sintex manufactures plastic products, including building supplies.

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