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Km80.5

   

Orchid Chemicals & Pharmaceuticals Ltd. Raises US$75M Through GDRs & FCCBs


10/28/2005 1:04:03 PM

Orchid Chemicals & Pharmaceuticals Ltd has successfully raised USD 75 million through the issue of 8,650,000 GDRs aggregating USD 37.5 million and USD 37.5 million through the issue of convertible bonds. In addition, there is a greenshoe of USD 5 million each on GDRs and convertible bonds. The GDRs (each representing one underlying share) were priced at USD 4.34 each (equivalent to Rs 195 per share). The zero-coupon convertible bonds have tenure of five years and are convertible into equity shares at a premium of 25%. The GDRs and the convertible bonds will be listed on the Luxembourg Stock Exchange. Citigroup acted as the sole book-runner and lead manager to this transaction, stated a company release.

Read at PharmaBiz

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