By Kenneth Lim
Boston, Feb. 6 - India's Murli Industries Ltd. on Tuesday sold $23 million of five-year zero-coupon convertible unsecured bonds at an initial conversion price of Rs. 565 per share.
Murli did not disclose the yield of the bonds. The initial conversion price represents an initial conversion discount of 2% to its closing stock price on Friday on the Bombay Stock Exchange.
Elara Capital was the lead manager of the Regulation S offering.
Murli, a Maharashra, India-based diversified group with businesses in paper production and cement, said it will use the proceeds of the deal for capital expenditures.
| Issuer: | Murli Industries Ltd.
|
| Issue: | Convertible unsecured bonds
|
| Bookrunner: | Elara Capital
|
| Amount: | $23 million
|
| Maturity: | Five years and one day
|
| Coupon: | 0%
|
| Conversion premium: | Minus 2%
|
| Conversion price: | Rs. 565
|
| Pricing date: | Feb. 6
|
| Distribution: | Regulation S
|
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