Micro Technologies FCCB issue raises US$20 million

Micro Technologies India Ltd has announced that the Company on July 20, 2007, issued and allotted 0.5% Coupon Foreign Currency Convertible Bonds ("FCCBs") with a maturity of 5 years and three days. The FCCBs were issued in the principal amount off US $ 15 and are convertible into ordinary shares of the Company at an initial conversion price of Rs 312.84 per share. The conversion price of the FCCBs may be adjusted in certain circumstances. The FCCBs, have a 7.75% per annum yield to maturity (calculated on a semi-annual basis). The said issue was made at 35% 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 $ 20 million. These FCCBs will be listed on the Singapore Stock Exchange.

Standard Chartered Bank was the lead manager for this issue.

Source : Equity Bulls

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