Mumbai: Jaiprakash Associates on Wednesday said it has raised USD 150 million (about Rs 835 crore) via foreign currency convertible bonds (FCCB) to part finance its existing convertible bonds.

"The company has priced a deal size of USD 150 million, which has been fully subscribed...the proceeds of this FCCB issue will be utilised to part finance the repayment of the existing FCCBs of the company maturing on September 12," the cement maker said in a filing to the Bombay Stock Exchange.

The company sold its five-year and one-day FCCBs at a 5.75 percent semi-annual coupon and a conversion price of 77.50 rupees, a 10 percent premium to its closing price.

Jaiprakash had launched the convertible bonds issue on Tuesday to raise up to USD 200 million (Rs 1,113 crore).

Barclays Bank and Standard Chartered Bank had advised the company on the sale, it said.

The company's scrip on the BSE tumbled over 9 percent to Rs 64.05 in the afternoon trade over on Tuesday's close.


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