Tata Power allots FCCBs worth $300 million

Tata Power Company Ltd has announced With reference to the earlier announcements dated November 06, 2009 and November 11, 2009, that the allotment of a US$ 300 Million Foreign Currency Convertible Bonds (FCCB) has been completed on November 20, 2009.

The Company had earlier this month launched and priced a US$ 250 Million + upsize option of US$50 Million, 5 years and 1 day, 1.75% coupon FCCB offering, subject to certain conditions to the closing of the issue. The FCCBs are convertible at 10% premium over the closing share price of the Company's shares on National Stock Exchange of India Ltd. on November 05, 2009 and bear a yield to maturity of 3.5% p.a. calculated on a semi-annual basis.

These Bonds will be listed on the Singapore Stock Exchange. Nomura is the Sole Underwriter and Book Runner to the offering.

The stock closed the day at Rs.1320.20, up by Rs.0.95 or 0.07%. The stock hit an intraday high of Rs.1325.80 and low of Rs.1310.

The total traded quantity was 65732 compared to 2 week average of 72088.

Source : Equity Bulls

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