Pioneer Embroideries allots FCCBs for US$5 million

Pioneer Embroideries Ltd has announced that the Company has issued & allotted US$ 5 Million Zero Coupon Foreign Currency Convertible Bonds ("FCCBs") under Green Shoe option.

Earlier the Company had issued FCCBs in the principal amount of USD 25,000,000. Other terms and conditions for the above said allotment are same as of FCCB of USD 25,000,000.

The Company had previously obtained the approval of its shareholders to issue FCCBs up to a value of US$ 50 Million.

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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