L&T issues FCCBs worth $200 million

Larsen & Toubro Ltd (L&T) has announced that on October 08, 2009, the Company has launched and priced an accelerated Foreign Currency Convertible Bonds (FCCB) offering. The FCCB are convertible into equity shares of the Company at the option of the Bondholders.

The Issue size of FCCBs is US$ 200 million and the Face value is US$ 100,000 per bond.

The YTM is 3.50% and Coupon is 3.50%. The Tenor is 5 years & 1 day and Initial Conversion Price is Rs. 1908.20 per share.

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

The stock was trading at Rs.1638.50, down by Rs.11.30 or 0.68%. The stock hit an intraday high of Rs.1659.70 and low of Rs.1635.10.

The total traded quantity was 88537 compared to 2 week average of 339665.

Source : Equity Bulls

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