Amtek India launches issue of Foreign Currency Convertible Bonds

In terms of the recommendation of the Board of Directors of Amtek India Ltd at its meeting held on December 09, 2011, and as approved by the shareholders at the Extra-ordinary General Meeting of the Company held on January 04, 2012, the committee of the Board of Directors of the Company has been authorised to decide on the terms for appropriate mode of further issue of equity shares, GDRs, ADRs, FCCBs, and/ or any other securities convertible into or linked to Equity shares to the extent of US$ 250 mn.

Accordingly, Committee of the Board of Directors of the Company at its meeting held on March 19, 2012, has approved the issuance of Foreign Currency Convertible Bonds (FCCBs) up to an issue size of U.S. $ 130 million, due 2017, to be listed on the Singapore Stock Exchange and has decided to open the issue on March 19, 2012.

The Minimum Floor Price is Rs. 99.13 determined as per the provisions of issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) scheme, 1993, as amended or other applicable Indian laws or regulations.

Standard Chartered Bank is the Sole Bookrunner and Sole Lead Manager for the offering.

The Amtek India Ltd stock was trading at Rs.100.50, up by Rs.2.25 or 2.29%. The stock hit an intraday high of Rs.101.05 and low of Rs.98.05.

The total traded quantity was 1.03 lakhs compared to 2 week average of 2.46 lakhs.

Source : Equity Bulls

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