Sesa Goa to raise $500 million through FCCB issue

Sesa Goa Ltd has announced that the Board of Directors of the Company on September 24, 2009, has approved the launch of an offering of Foreign Currency Convertible Bonds ("FCCBs") of upto US$500 million, subject to the shareholders' approval and other terms. The "relevant date" under applicable regulations in India for the purposes of this FCCB offering is September 24, 2009.

The proceeds of this FCCB offering are intended to be used for financing the growth plans of Sesa, including an increase in the mining capacity through organic and inorganic routes.

Goldman Sachs (Asia) LLC and Morgan Stanley & Co. International plc are acting as the joint bookrunners of the FCCB offering.

The stock closed the day at Rs.272.10, down by Rs.4.15 or 1.50%. The stock hit an intraday high of Rs.274.40 and low of Rs.268.10.

The total traded quantity was 1315618 compared to 2 week average of 3222472.

Source : Equity Bulls

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