Karuturi Networks raises US$ 50 Million FCCB

Karuturi Networks Ltd announces the successful issuance of USD 50,000,000 zero coupon unsecured foreign currency convertible bonds. The bonds have a maturity of 5 years and are convertible at a price of Rs 290 which represents a premium of 30% over the current market price.

Silverdale services Ltd, London, was the sole lead manager for the offering and Axis Bank Ltd was the India advisor to the issue.

Mr. Sai Ramakrishna Karutri, Managing Director of the Company said, "This issuance affirms the confidence of global Investors in the strength of our agri products based business model. They have appreciated the intrinsic cost advantages and superlative growth trajectory of our Company".

The stock was trading at Rs.218.50, up by Rs.3.10 or 1.44%. The stock hit an intraday high of Rs.218.90 and low of Rs.213.

The total traded quantity was 47761 compared to 2 week average of 885492.

Source : Equity Bulls

Keywords