New Delhi: Asia's largest and one of the world's top five pharma grade gelatin manufacturers Sterling Biotech on Thursday said that it has raised $250 million through issue of Foreign Currency Convertible Bonds (FCCBs), which have been listed at the Singapore Stock Exchange.
The Foreign Currency Convertible Bonds due for 2012 have been issued, Sterling Biotech informed the Bombay Stock Exchange.
The country’s top gelatin manufacturer earlier said it proposed to issue Foreign Currency Convertible Bonds, carrying a zero per cent coupon rate with a yield to maturity of 6.35 per cent per annum.
Sterling's clients include some of the leading pharmaceutical companies in the United States and Europe.
With product quality, production facilities and technology comparable to the best in the world, Sterling competes with some of the largest gelatin manufacturers globally.
J P Morgan Securities Ltd was the lead manager and sole book runner for the issue.
Steel maker Uttam Galva was the first company to list its Global Depositary Receipts (GDRs) on the Singapore Stock Exchange and other Indian firms like hospitality company Hotel Leelaventure are also seeking to tap the market to raise capital.
Comments
0 comment