Anil Ambani group firm Reliance Natural Resources Ltd said on Wednesday it will raise $300 million through issue of Foreign Currency Convertible Bonds in the international market.
The board of directors in its meeting on Wednesday approved the issue of three lakh FCCBs of $1,000 each, which are expected to be listed on the Singapore Stock Exchange, RNRL informed the Bombay Stock Exchange.
The FCCB offer includes a greenshoe option of an additional $50 million, aggregating to $300 million, it said.
The FCCBs have a tenure of five years and a conversion price of Rs 37 per share, representing a premium of 20 per
cent to the closing price of the shares on May 9.
RNRL shares were trading at Rs 31.65, up 2.43 per cent at the BSE on Wednesday.
In the event, the FCCBs are fully converted into equity, the equity share capital of the company would increase by about 36.5 crore equity shares of Rs 5 each, it added.
RNRL also informed the BSE that it has entered into a subscription agreement with the sole arranger for its $300
million FCCB issue, Barclays Capital, subject to final agreements and necessary approvals.
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