Advanta raises USD 50 million through FCCBs

Hybrid seed manufacturer Advanta India today said that it has raised USD 50 million (about Rs 223.4 crore) through Foreign Currency Convertible Bonds (FCCBs).

"The Company has successfully closed the issue of its FCCBs aggregating USD 50 million on June 30, 2011 with Credit Suisse (Singapore) Limited as the Sole Book runner to the issue," the company said in a filing to the Bombay Stock Exchange (BSE).

The company would primarily use the money raised from the issue of the FCCBs for its overseas subsidiaries and for other requirements, it said.

The FCCBs carry a coupon rate of 3.5% plus three months USD 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, it added.

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

Shares of the company today closed on Rs 255, up 1.35%, from its previous close at the BSE.