Suzlon Energy to raise US$200 Million through FCCB issue

Suzlon Energy Ltd has announced that the Company on September 21, 2007 has launched and priced a proposed Foreign Currency Convertible Bonds ("FCCBs") issuance for an amount of US$ 200 million. Credit Suisse (Hong Kong) Ltd acted as the Sole Bookrunner to the transaction.

The FCCBs, which have a maturity of 5 years and 1 day, are convertible at a conversion price of Rs 1,859.40 per share (as adjusted from time to time), which is at a premium of 30% over the 5 day volume weighted average price (VWAP) of Rs 1,430.31 on the NSE on September 20, 2007. The FCCBs are zero coupon bonds with a yield to maturity of 7.55%, calculated on a semi-annual basis, at the end of 5 years and 1 day if not converted into shares during the period.

The FCCBs are expected to be listed on the Singapore Exchange Securities Trading Ltd.

The stock closed the day at Rs.1465.45, down by Rs.35.50 or 2.37%. The stock hit an intraday high of Rs.1504.90 and low of Rs.1450.10.

The total traded quantity was 144017 compared to 2 week average of 166240.

Source : Equity Bulls

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