Orchid Chemicals raises $200mn via FCCBs

Orchid Chemicals & Pharmaceuticals has raised $200 million by issuing zero coupon foreign currency convertible bonds (FCCBs).

According to a release issued by Orchid to the BSE today, the bonds are convertible at an initial conversion price of Rs 348.34, which represents a premium of 30% over Monday's (February 12, 2007) closing price of Rs 267.95.

The bonds have a maturity period of five years, the release added.