Era Constructions Updates on FCCB issue

Era Constructions India Ltd has announced that the Company has successfully priced an offering of US$ 60 million with a Green shoe option of up to US$15 million by issue of foreign currency convertible bonds.

The bonds have a zero coupon with tenor of 5 years and 1 day and are convertible into equity shares at a premium of 20% over the reference share price to be determined in 12 months from closing.

The proceeds from this offering are expected to be used for capital expenditure and investment in BOOT / BOT projects either directly or through SPVs, overseas joint ventures and any other uses permitted under applicable law or regulations from time to time.

Citigroup acted as the sole book runner to the transaction.

Source : Equity Bulls

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