Tata Chemicals has priced an offering of $150 million senior convertible bonds on January 25, 2005 through the accelerated book built route. The acting joint book runners to the issue are Citigroup, Merrill Lynch and Deutsche Bank, as per the release issued to the BSE.The 5-year coupon bonds have an issue price of 100% and can be redeemed at a premium to par to yield 4.75% per annum. The bonds can be converted in to ordinary/equity shares of the company at a 50% premium off closing price on January 25, 2005 i.e. Rs 154.25 on the BSE, and are expected to be listed on the Singapore Stock Exchange. The entire issue was covered approximately 2.5 times with in a few hours of the issue launch, the release added.
