MUMBAI: The terms of Prime Focus Ltd.’s $55 million unsubordinated unsecured foreign currency convertible bonds (FCCBs) due 2012 (the Bonds) have been fixed.
Initial conversion price has been set to Rs 1,386.70 per share, representing a premium of 28.5 per cent over the closing share price on BSE on 7 December, 2007.
The bonds will be redeemed at 143.63 per cent at maturity, if not previously called, converted or redeemed.
The bonds were offered to institutional investors in accordance with Regulation S of the US Securities Act of 1933 and will be listed on the Singapore Stock Exchange. The expected closing date is 12 December, 2007.
Net proceeds from the issue will be used for (i) strategic acquisitions and / or strategic alliances outside of India, (ii) for foreign currency capital expenditure, (iii) for investment into wholly owned subsidiaries and / or joint ventures outside of India and (iv) for any other use as may be permitted under applicable laws or regulations from time to time.
KBC Financial Products UK Ltd and Kotak Mahindra (UK) Ltd were joint- lead managers for the offering.
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