Strides $100mn FCCB conversion at 145% prem

Strides Arcolab today announced that the company has successfully completed the issue and allotment of $100 million 'zero coupon convertible bonds due 2012'.

According to a release issued by Strides to the BSE today, the bonds to be listed at the Singapore Exchange, have been issued at an initial conversion price of Rs 461.55 per share with a fixed rate of exchange on conversion of Rs 40.70 = $1. The yield to maturity has been set at 7.575% and the bonds will be redeemed at 145% premium to its yesterday's closig price on BSE.