Sun Pharma to issue $75 million FCCB

Chennai: The Mumbai-based Sun Pharmaceutical Industries Limited has decided to raise $75 million through a foreign currency convertible bond (FCCB). The company had had earlier completed a fund raising programme of accelerated five-year ''zero coupon'' FCCB for US $ 275 million priced at a 50 per cent premium over November 17 closing price with 4.61 per cent per annum yield-to-maturity, subject to a greenshoe option of upto U.S.$ 75million. With the proposed issue, the company''s aggregate size of the FCCB issue is US$ 350 million

The bonds are expected to be listed on the Singapore Stock Exchange.