Bilt raises $80m via bonds, GDS

 The company, which will get listed on the Luxembourg Stock Exchange, announced that it has priced its global depositary shares (GDSs) at $8.27, aggregating $35 million, with each GDS representing five common shares of the company.

 The GDSs were oversubscribed and were priced at a discount of 2.1 per cent to the closing price of Rs 76.65 on the Bombay Stock Exchange (BSE) on November 13, 2003, the company said in a statement here.

 The issue, the largest of its kind in recent times in the Indian paper industry, attracted significant demand from some top foreign funds and investors.

 JP Morgan acted as the sole bookrunner and JP Morgan and CLSA acted as joint global co-ordinators of the offering, Bilt said.

 Bilt has also successfully placed foreign currency convertible bonds (FCCBs) for an aggregate principal amount of $45 million at a conversion price of 115 per cent of the GDS issue price, pursuant to an agreement with International Finance Corporation (IFC), Nederlandse Financierings