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Bharati yard raises $85m in bonds sale.
(From Lloyds List)
Byline: Shirish Nadkarni in Mumbai
THE Mumbai-based private sector shipbuilding yard Bharati Shipyard has raised $85m for expansion through the sale of convertible bonds.
The company raised $70m by selling a five-year bond that can be converted into the company's shares at a price of Rs497.89, which would mean a 7.25% yield.
The bond can be redeemed at 142.8% of its face value when it matures on December 13, 2010.
The other bond, which has a yield of 6.125% on maturity in three years, raised $15m. It can be converted into shares at Rs421.94 each and can be redeemed at 119.86% of its face value in 2008.
Indian shipbuilders and shipowners have been raising money to fund expansion and vessel ...
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