Sun Pharma launches $225 million FCCB
By Our Corporate Bureau | 19 Nov 2004
Chennai:
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.
The 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.
The 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.
According 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.