Core Projects launches FCCB issue

Core Projects and Technologies has launched a foreign currency convertible bonds (FCCBs) issue worth $60 million on Thursday,with an additional up size of up to $15 million.

On Thursday Core Projects’ board had approved raising up to $75 million in one or more tranches via FCCBs,while the issue will close on May 6,it said in a statement.

The FCCBs have a coupon rate of 7 per cent per anum at a initial conversion price of 271.80 rupees per share,it said in a statement.

Standard Chartered Bank is the sole book runner to the issue,it added.