By Kenneth Lim
Boston, March 24 - India's Nectar Lifesciences Ltd. priced an upsized $35 million offer of five-year zero-coupon convertible bonds to yield 8.375% with an initial conversion premium of 20%.
The size of the deal was originally $30 million. The bonds may be converted into Nectar shares at Rs. 331.74 per share. Nectar stock closed at Rs. 276.45 on the Bombay Stock Exchange on Friday.
Deutsche Bank is the bookrunner.
Nectar plans to list the convertibles on the Singapore Exchange.
Nectar is a Chandigarh-based manufacturer of active drug ingredients.
| Issuer: | Nectar Lifesciences Ltd.
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| Issue: | Foreign currency convertible bonds
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| Bookrunner: | Deutsche Bank
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| Amount: | $35 million
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| Maturity: | Five years and one day
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| Coupon: | 0%
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| Price: | Par
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| Yield: | 8.375%
|
| Conversion premium: | 20%
|
| Conversion price: | Rs. 331.74
|
| Pricing date: | March 24
|
| Listing: | Singapore Exchange
|
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