Polyester yarn maker JBF Industries Limited announced that the company has placed US$ 34.5 million (approximately Rs 1.58 billion) unsecured and unrated 5-year Foreign Currency Convertible Bonds (FCCBs) at a conversion price of Rs 90 per share, translating to a 16 percent conversion premium. The equity shares on conversion will be listed on the BSE & the NSE.
The issue has been placed with large international investors and the Company has made an application to list the FCCBs on the Singapore Stock Exchange.
The FCCBs are convertible into Rupee stock of the Company at the option of the holder.
The US$ 30.0 million FCCB had an additional greenshoe option of 15 percent of the issue size, amounting to US$ 4.50 million which was also exercised resulting into issue size of US $ 34.5 million. Jefferies International Limited was the sole manager on this transaction.
Indian leading polyester chips producer JBF Industries Ltd stands on a gleaming pinnacle of success as an industry leader in Polyester Chips & as one of the top 5 players in the polyester Partially Oriented Yarns (POY) in India.
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