Strides issues $40mn FCCBs

Strides Arcolab has issued  and allotted $40 million, 0.5% foreign currency convertible bonds (FCCBs) on April 18, 2005.

According to a release issued by Strides to the BSE today, the FCCBs are convertible into equity shares at an initial conversion price of Rs 358.70 per share with a fixed rate of exchange on conversion of Rs 43.7767 = $1.00.

Deutsche Bank was the sole lead  manager and book runner for the issue, the release added.