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Sterlite plans $50m bond float

Mumbai, Oct. 21 (PTI): Sterlite Industries Ltd has raised $50 million by issuing foreign currency convertible bonds (FCCB) of five-year tenure to augment long-term resources and buy additional stake in Hindustan Zinc from the government.

The board of directors today approved an FCCB issue, which was arranged and underwritten by investment banking outfit J P Morgan, a Sterlite release said.

The unsecured bonds carry 1 per cent interest payable annually. The investors have option to convert bonds into equity shares at a conversion price of Rs 1,100 per share, the release said.

The conversion price represents 23 per cent premium to the weighted average price of Rs 895 as of today, it said.

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