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Aug 29, 2012, 05.16 PM IST
Jaiprakash Associates today said it has raised USD 150 million (about Rs 835 crore) via foreign currency convertible bonds to part finance its existing convertible bonds.
"The company has priced a deal size of USD 150 million, which has been fully subscribed the proceeds of this FCCB issue will be utilised to part finance the repayment of the existing FCCBs of the company maturing on September 12," the cement maker said in a filing to the Bombay Stock Exchange.
The company sold its five-year and one-day FCCBs at a 5.75% semi-annual coupon and a conversion price of Rs 77.50, a 10% premium to its closing price.
Jaiprakash had launched the convertible bonds issue yesterday to raise up to USD 200 million (Rs 1,113 crore). Barclays Bank and Standard Chartered Bank had advised the company on the sale, it said.
The company's scrip on the BSE tumbled over 9% to Rs 64.05 in the afternoon trade over yesterday's close.
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