Power major BSES has raised $120 million through a foreign currency convertible bond (FCCB) issue.
The FCCBs and standby letter of credit for credit enhancement (SBLC) were oversubscribed by a widespread group of investors and banks spread across Europe and Asia.
Standard Chartered Bank (SCB) was the sole arranger and agreements for the FCCB and the SBLC were inked at London on Friday.
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The bonds carry a coupon rate of 0.5 per cent and have the option of being converted into GDRs which will be listed on the London Stock Exchange.
The FCCBs will be redeemed in October 2002 and are at present listed on the Luxembourg Stock Exchange.
The proceeds of the FCCB issue will be invested in the company