Gremach Infrastructure to issue FCCBs

Gremach Infrastructure Equipments & Projects Ltd has announced that the Company is in process of issuing the Foreign Currency Convertible Bonds ("FCCBs") in near future.

The indicative terms of the same are as follows: The Issue Size is up to US$ 50 million and the Coupon is 0.75%.

The Tenor is 5 years and 1 day and Annual yield to maturity (calculated on a semi-annual basis) is 6.75% - 7.25% (subject to cap of 6 months Libor + 250 bps)

The Conversion premium is fixed as 10% - 15%.

The Company has already obtained the approval of its shareholders to issue FCCBs up to a value of US$ 75 million in the AGM dated August 06, 2007. These FCCBs will be listed on the Singapore Stock Exchange.

Standard Chartered Bank is the lead manager for this Issue.

Source : Equity Bulls

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