Deccan Chronicle launches $ 54 mn FCCB

Deccan Chronicle Holdings Ltd on Tuesday said it has launched $54.02 million foreign currency convertible bonds offering.

The bonds are expected to be listed on the Singapore Stock Exchange, the Hyderabad-based company informed the Bombay Stock Exchange. The offering was launched after the trading hour on September 12, it said.

The bonds, having a maturity period of five years, are convertible at a conversion price of Rs 522.835 per share, comprising a premium of 60 per cent over the reference share price of Rs 326.772, it said.

The bonds carry a zero coupon with a yield to maturity set at 6.90 per cent. The bonds offering is subject to the approval of the shareholders at a meeting scheduled to be held on September 30, 2005, it said.

JP Morgan is acting as the lead manager and sole book runner for this offering, it added.