Amtek India raises Rs 650 cr through FCCBs

Auto component maker Amtek India today said it has raised $130 million (about Rs 650 crore) through issue of foreign currency convertible bonds to fund acquisitions and other capital expenditure.

The FCCBs (foreign currency convertible bonds) will have a maturity period of five years and one day bearing a coupon rate of 6% payable on an semi-annual basis, Amtek India said in a filing to the BSE.

"The company intends to use the FCCB proceeds for future acquisition and capital expenditures," it said.

The FCCBs are expected to be listed on the Singapore Stock Exchange, it said, adding the minimum floor price has been fixed at Rs 99.13.

Earlier in January, the company's board was authorised to raise up to $250 million from overseas debt instruments, including GDRs, ADRs, FCCBs or other securities convertible into equity.

Amtek India shares were trading at Rs 106.85 in late afternoon trade, up 8.75% from the previous close on the BSE.