By Kenneth Lim
Boston, July 19 - Prajay Engineers Syndicate Ltd. on Wednesday said it priced $60 million of foreign currency convertible bonds at an initial conversion premium of 22%.
The convertibles have an initial conversion price of Rs. 208 per share. Prajay Engineers stock closed at Rs. 157.35 on Wednesday.
Prajay plans to list the convertibles in Singapore.
Prajay, a Hyderabad, India-based residential and commercial property developer, launched the deal as part of a $75 million fundraising plan approved by its board in August 2005. The company already raised $15 million in zero-coupon convertible bonds in December 2005.
| Issuer: | Prajay Engineers Syndicate Ltd.
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| Issue: | Foreign currency convertible bonds
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| Amount: | $60 million
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| Price: | Par of $10,000
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| Conversion premium: | 22%
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| Conversion price: | Rs. 208
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| Pricing date: | July 19
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| Listing: | Singapore Exchange
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