Larsen & Toubro (L&T) has launched and priced an accelerated five-year, 0% Japanese yen denominated foreign currency convertible bonds (FCCB) of $100 million.According to a release issued by the company to the BSE today, the FCCBs are convertible into GDRs representing equity shares of the company at the option of bond holders."The FCCBs have a face value of JPY 10,000,000 per bond, and a conversion price of Rs 2,498.45 per bond - a premium of 35% to the closing price of Rs 1,850.70 on the BSE on January 4, 2006. The bonds will be redeemed at the end of five years at 103.30% of face value," the release added.
