New York, April 30 - Mahindra & Mahindra Ltd. said it priced a $100 million offering of convertible bonds to yield 3.25% with a 37% initial conversion premium.
The deal was structured with a zero coupon and a premium redemption.
ABN Amro and Kotak Securities were underwriters for the offering.
The Mumbai, India, manufacturer of tractors and light commercial vehicles said the offering was oversubscribed and distributed to investors in Western Europe and Asia.
| Issuer: | Mahindra & Mahindra Ltd.
|
| Issue: | Convertible bonds
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| Amount: | $100 million
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| Greenshoe: | $15 million
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| Maturity: | 5 years
|
| Coupon: | 0%
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| Price: | Par
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| Redemption price: | 117.49
|
| Yield: | 3.25%
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| Conversion premium: | 37%
|
| Conversion price: | Rs. 647.05
|
| Pricing date: | April 29, after close
|
| Lead managers: | ABN Amro, Kotak Securities
|
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