Pioneer Embroideries raises US$25 million through FCCBs

Pioneer Embroideries Ltd has announced that the Company has issued & allotted US$ 25 million Zero Coupon Foreign Currency Convertible Bonds ("FCCBs") with a maturity of 5 years and one day. The FCCB were issued in the principal amount of Series A USD $ 15 million and Series B US$ 10 million and are convertible into ordinary shares of the Company at an initial conversion price of Rs 249.32 per share on the terms and condition mentioned in the offer circular. The FCCBs have an 8% per annum yield to maturity. The said issue was made at 20% premium to the reference date price.

The Company had previously obtained tie approval of its shareholders to issue FCCBs up to a value of US$ 50 Million. These FCCBs will be listed on the Singapore Stock Exchange.

Athena Capital Partner LLP was the lead manager for this issue, Atherstone Capital (Asia) Ltd was the financial advisor and Rajani Associates were legal advisers to the Issue.

Source : Equity Bulls

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