The speciality pharma company Sun Pharmaceutical Industries
Limited has come out with an accelerated 5-year zero coupon
foreign currency convertible bond (FCCB) for $225 million.
bond is priced at a 50-per cent premium over the closing
price on November 18,2004, with a 4.61 per cent yield-to-maturity.
The company is mobilising the money for acquisition purposes.
bonds are expected to be listed on the Singapore Stock
Exchange. J.P.Morgan is the book runner and Jermyn Capital
Partners Plc is the co-manager to the issue.
to Sun Pharma, initiatives in research have recently been
strengthened, with additional 2.5 lakh sq ft of research
floor area across
two newly commissioned sites, 220 scientists being hired,
and continuing commitments of $15 million to research
and development for each of the next two years.