Amtek India raises $70m via convertible bonds

[epicresearch]

Amtek India Ltd, an auto parts maker, raised USD 70 million through foreign currency convertible bonds (FCCBs), it said in a statement to the stock exchange on Friday.

The bonds, which are due in 2017, are convertible at the initial conversion price of Rs 103.005 per equity share of the company. The FCCBs will bear a coupon of 2.50% payable on a semi-annual basis, Amtek India said.

DBS Bank Ltd was the book runner for the issue.

Shares of Amtek India, valued by the market at about $490 million, were down 0.4 percent at 98.60 rupees at 0430 GMT in a strong Mumbai market.