Monnet Ispat has raised $60 million by issuing 1% Foreign Currency Convertible Bonds (FCCB's) to be due on 2010. As per the release issued to the BSE, the bond holders have the option to convert it into the company's ordinary shares.The bonds carry a 1% coupon semi annually and a Yield To Maturity (YTM) of 6.5%. The Initial Conversion Price at Rs 236.944 per share represents a 18.0% premium to the closing price of the company's equity Shares on the BSE on February 17, 2005, the release added. The bonds are to be listed on the Singapore Stock Exchange.
