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Bharat Forge plans GDRs, FCCBs

MUMBAI: Bharat Forge will raise $100 million through Global Depository Receipts and $120 million through Foreign Currency Convertible Bonds (FCCBs). The GDRs represent one equity share of the paid-up value of Rs. 10 and were priced at $27.50 each, the company informed the Bombay Stock Exchange on Friday. The GDRs would include $10 million greenshoe option, it said. The board also approved two tranches of FCCBs of $60 million each with a maturity of five years and one day, subject to certain conditions of the closing of the issue, it added. The tranche one bonds are convertible at Rs 1,680.52 per share representing a 40 per cent premium to the GDR price, a yield to maturity of 5.25 per cent and a coupon of 0.5 per cent, it added.

— PTI

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