Date:20/04/2007 URL: http://www.thehindubusinessline.com/2007/04/20/stories/2007042002841500.htm

Back Hotel Leelaventure plans $100-m FCCB issue

Our Bureau

Mumbai April 19 Hotel Leelaventure Ltd said on Thursday that it has secured funds of $100 million (Rs 430 crore) through a foreign currency convertible bonds (FCCBs) issuance. It has the option to increase it by another $10 million, the company said, in a notice to the stock exchanges.

Deutsche Bank acted as the sole book-runner to the transaction.

The FCCBs are expected to be listed on the Singapore Exchange Securities Trading Ltd. The FCCBs, which have a maturity of 5 years and 1 day, are convertible at a price of Rs 90 per share, (as adjusted from time to time) which is at a premium of 49.50 per cent over the closing price of Rs 60.20 on the BSE on April 18.

The FCCBs bonds are zero coupon bonds with a yield to maturity of 7.80 per cent, calculated on a semi — annual basis, at the end of 5 years and 1 day, if not converted into shares during the period.