By Sarah Lizee
Olympia, Wash., May 29 – Blue Star Ltd. informed the Bombay Stock Exchange that its board of directors met on Friday and approved an issue of Rs. 3 billion of 7.65% three-year nonconvertible debentures at par.
The debentures, which carry a Rs. 500 million greenshoe, are being issued in a private placement.
The issue is split into two equal tranches, with the second tranche featuring a call option at the end of the second year. In the event the call option is exercised, investors will receive in addition to the coupon a call premium of 0.3585% of the amount called.
The debentures opened and closed on Friday and are to be listed on the wholesale debt market segment of the National Stock Exchange of India Ltd.
Blue Star manufactures and markets air-conditioning and commercial refrigeration systems and products. It is based in Mumbai.
| Issuer: | Blue Star Ltd.
|
| Issue: | Nonconvertible debentures
|
| Amount: | Rs. 3 billion
|
| Greenshoe: | Rs. 500 million
|
| Maturity: | Three years
|
| Coupon: | 7.65%
|
| Price: | Par
|
| Allotment date: | June 1
|
| Rating: | CARE: AA+
|
| Distribution: | Private placement
|
|
|
| Series 1 debentures
|
| Amount: | Rs. 1.5 billion
|
| Call: | Non-callable
|
|
|
| Series 2 debentures
|
| Amount: | Rs. 1.5 billion
|
| Call: | At the end of the second year; if call option is exercised, investors will receive call premium of 0.3585% of the amount called
|
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