Amtek India gains on plan to raise $130 million via FCCBs

20 Mar 2012 Evaluate

Amtek India is currently trading at Rs. 98.80, up by 0.55 points or 0.56% from its previous closing of Rs. 98.25 on the BSE.

The scrip opened at Rs. 99.60 and has touched a high and low of Rs. 101.00 and Rs. 98.05 respectively. So far 32543 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 114.90 on 24-Feb-2012 and a 52 week low of Rs. 37.50 on 22-Mar-2011.

Last one week high and low of the scrip stood at Rs. 101.45 and Rs. 96.05 respectively. The current market cap of the company is Rs. 2749.77 crore.

The promoters holding in the company stood at 61.64% while Institutions and Non-Institutions held 19.85% and 18.51% respectively. 

Amtek India has priced an issuance of $130 million 6% Foreign currency Convertible Bonds (FCCBs) due on 2017. The FCCBs, which have a maturity of 5 years and 1 day, are convertible at the initial conversion price of Rs 103.005 per equity share. The FCCBs will bear a coupon of 6% payable on a semi-annual basis. If not previously converted, redeemed or repurchased, the FCCBs will be redeemable at their specified maturity at 100% of their principal amount together with accrued interest.

The FCCBs are expected to be issued and settled on or around April 05, 2012 and subsequently listed on the Singapore Exchange Securities Trading, (the SGX-ST), subject to receipt of approval from the SGX-ST.

The company intends to use the FCCB proceeds for future acquisition and capital expenditures. The use of net proceeds shall be in accordance with the net use restrictions specified by the Reserve Bank of India. Application will be made for the FCCBs to be listed on SGX-ST. Standard Chartered Bank has been appointed as the Sole Book runner and Sole Lead Manager for the offering of the FCCBs.

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