Vivimed Labs FCCBs to list in Singapore Stock Exchange

Vivimed Labs Ltd has announced that the Company obtained consent of its shareholders to issue FCCBs up to US$ 75 Million in December 2006. Hanover Square Capital (UK) Ltd was appointed as Lead Manager, Atherstone Capital Asia Ltd as Financial Advisor and Rajani Associates as legal advisers as to Indian Law, of the FCCB Issue.

FCCBs for US$ 12 million, 1% Coupon Foreign Currency Convertible Bonds ("FCCBs") with a maturity of 5 years and 1 day have been subscribed. After completion of all formalities, the FCCBs will be listed on the Singapore Stock Exchange. The FCCBs are convertible into ordinary shares of the Company at a maximum conversion price of Rs 185 per share. The conversion price of the FCCBs may be revised in certain circumstances. The FCCBs have a 8% per annum yield to maturity. The said issue was made at 10% premium to the reference date price. Under Greenshoe option subscription for further US$ 3 million is expected shortly.

Source : Equity Bulls

Keywords