JP Associates launches $150 million FCCB issue, stock tanks 8%
Jaiprakash Associates has tanked 8% to Rs 64.85 after the infrastructure company said that it has launched foreign currency convertible bond (FCCB) issue of $150 million for repayment of the exiting FCCBs.
“The issue has coupon rate of 5.75% per annum and maturity date of September 8, 2017. The company has set a conversion price of Rs 77.50 per share,” JP Associates said in a filing. The proceeds of this FCCB issue will be utilized to part finance the repayment of the exiting FCCBs of the company maturing on September 12, 2012, it added.
Barclays Bank and Standard Chartered Bank joined lead managers for the offer, which closes on September 8, 2012. The stock opened at Rs 69.30 and has seen 2.78 million shares changing hands on the counter in morning trades.
Source: Business Standard
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