Advanta raises Rs 223 crore through issue of FCCBs

Advanta India, hybrid seed manufacturer, has raised about Rs 223.4 crore through Foreign Currency Convertible Bonds (FCCBs).

On June 30, 2011 the company has successfully closed the issue of its FCCBs aggregating $50 million with Credit Suisse (Singapore) as the sole book runner to the issue. The company will primarily use the money raised from the issue of the FCCBs for its overseas subsidiaries and for other requirements.

The FCCBs carry a coupon rate of 3.5% plus three months $ Libor having a maturity of 5 years and 1 day and are convertible into equity shares of face value of Rs 10 each of the company at an initial conversion price of Rs 282.84 per equity share.

Advanta, an associate company of agro-chemical maker United Phosphorus, is a breeder and producer of hybrid seeds of cotton, maize, rice, millet, mustard and sunflower.