Ranbaxy Laboratories yesterday successfully launched and priced its FCCBs issue in the overseas market.According to a release issued by the company to the BSE, the company offered zero coupon foreign currency convertible bonds (FCCBs) worth $ 400 million, which excludes an overallotment of upto $ 40 million additional bonds."The bonds have a tenor of five years and one day & are convertible into equity shares at a premium of 60% to the BSE closing price of Rs 447.70, as on February 15, 2006. The yield to maturity of the bonds is set at 4.8% per annum", the release added.Ranbaxy chief Malvinder Mohan Singh said, "This capital raising exercise, the single largest by an Indian healthcare company, represents an important milestone for Ranbaxy. We are delighted that international institutional investors continue to support Ranbaxy's business strategy and its capital raising plans. The proceeds from the offering will be used towards potential acquisitions and to finance our capital expenditure program."Citigroup, Deutsche Bank, Morgan Stanley and UBS acted as the bookrunners to the transaction.
