Prakash Industries raises USD 50 million by issue of 5.625% FCCBs

Prakash Industries Ltd has announced that the Company on October 12, 2009 has successfully priced the Foreign Currency Convertible Bonds ("FCCB") issuance for an amount of USD 50 million. The FCCBS having a maturity of 5 years and 1 day are convertible at an initial conversion price of Rs. 170 per share (adjusted from time to time, as may be applicable). The FCCBs are proposed to be listed on the Singapore Exchange Securities Trading Ltd., subject to their approval. The issue of FCCBs is subject to customary closing conditions.

Elara Capital PLC, London was the Lead Manager, Global Coordinator and Book runner to the Issue.

The stock closed the day at Rs.156.85, up by Rs.0.85 or 0.54%. The stock hit an intraday high of Rs.158.90 and low of Rs.155.

The total traded quantity was 154658 compared to 2 week average of 342048.

Source : Equity Bulls

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