India's JOL issues $75m foreign currency bonds

12 May 2005 02:09  [Source: ICIS news]

NEW DELHI (CNI)--India’s Jubilant Organosys Ltd (JOL) has issued foreign currency convertible bonds worth $75m (about Rs3.25bn) with an option to increase the size of issue by another $25m, the company said.

The unsecured and zero coupon 5-year bonds have 50% conversion premium at Rs1365.32. The company will utilise proceeds of the issue to fund expansion projects and acquisitions.

JOL has also applied for listing of FCCBs on the Singapore Stock Exchange. The bonds will be converted into Rupee-denominated equity shares listed on the Bombay Stock Exchange and National Stock Exchange. JP Morgan served as the sole book runner and global coordinator for this issue.

JOL is India’s largest speciality chemicals company and an integrated pharmaceuticals major. It earned a net profit of Rs1.13bn on total income of Rs11.28bn in the financial year to 31 March 2005.

It also has manufacturing facilities at Nanjangud near Mysore in Karnataka, Vadodara in Gujarat and Nira in Maharshtra. The company has capacity to produce 151m litre/year of ethanol which is used as feedstock for petrochemicals, 374,724 tonne/year of organics including speciality chemicals and intermediates, 32,100 tonne/year of speciality polymers and 48,560 tonnes/year of speciality chemicals, 10,000 tonne/year of dry chlorine chloride, 20,000 tonne/year of ethyl acetate, 57,750 tonne/year of sulphuric acid, 22,000 tonne/year of chloline chloride and ethyoxylates, 23,500 tonne/year of pyridines and derivatives, and 132,000 tonne/year of single superphosphate.

By: Naresh Minocha
+65 6780 4359

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