Pokarna Ltd allots FCCBs for US$ 15 million

Pokarna Ltd has announced that on the date, the Company issued and allotted Zero Coupon Foreign Currency Convertible Bonds ("FCCBs") with a maturity of 5 years and one day. The FCCBs were issued in the principal amount off US$ 12 and are convertible into ordinary shares of the Company at an initial conversion price of Rs 295.64 per share. The conversion price of the FCCBs may be adjusted in certain circumstances. The FCCBs have a 7.5% per annum yield to maturity (calculated on a semi-annual basis). The said issue was made at 32% premium to the reference date price.

The Company had previously obtained the approval of its shareholders to issue FCCBs up to a value of US$ 15 Million. These FCCBs will be listed on the Singapore Stock Exchange.

M/s. Standard Chartered Bank was the lead manager for this issue and M/s. Rajani Associates acted as Legal Advisers to the Company.

Source : Equity Bulls

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