Nava Bharat Ventures raises Rs 330 cr via FCCB issue

Nava Bharat Ventures Ltd, a company engaged in the power , mining and the ferro alloys business, today said it has raised 6 bn Japanese Yen (Rs 330.88 crore) through the issuance of 600 foreign currency convertible bonds .

The JPY 6 bn FCCB issue also includes a green shoe option for another JPY 750 mn, Nava Bharat Ventures said in a filing to the Bombay Stock Exchange.

The FCCBs that were offered for subscription via a circular dated September 29, 2006, are due to mature in September 29, 2011, it said.

Out of the 600 FCCBs, 248 FCCBs were earlier converted into equity shares of Rs 2 each and 352 FCCBs of JPY 10 mn each are outstanding for conversion as of today, it said.

The company has given a Notice to the Trustee for the Bond Holders for conversion of the outstanding 352 bonds, it said.

The company has fixed February 28 as the record date at a conversion price of Rs 121.82 per equity share, it said.

The early redemption amount upon conversion would be JPY 12,258,449 (Rs 67.60 lakh) for every bond of JPY 10 mn each, it said.

Shares of the company closed at Rs 316.65 on the BSE today, down 1.74 per cent from the previous close.

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