Ranbaxy raises $400 mn via FCCBs

Ranbaxy Laboratories Ltd has raised 400 million dollars through the issue of Foreign Currency Convertible Bonds (FCCBs).

Pharma major Ranbaxy Laboratories Ltd has raised 400 million dollars through the issue of Foreign Currency Convertible Bonds (FCCBs).

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The bonds are convertible into equity shares, which have been priced at a premium of 60 per cent to the BSE closing price of Rs 447.70 as on February 15.

The zero coupon bonds, having a tenure of five years, also have a yield to maturity set at 4.8 per cent per annum.

Citigroup, Deutsche Bank, Morgan Stanley and UBS acted as the bookrunners for the transaction, the company informed the Bombay Stock Exchange.

"This capital raising exercise, the single largest by an Indian healthcare Company, represents an important milestone for Ranbaxy. We are delighted that international institutional investors continue to support Ranbaxy's business strategy and its capital raising plans," the company's CEO and Managing Director Malvinder Mohan Singh said.

The amount raised excludes an overallotment of upto $40 million additional bonds.