Wanbury raises euro 15 mn via FCCBs

Wanbury today said it has raised ¤15 million via foreign currency convertible bonds (FCCBs) to fund its expansion and an overseas acquisition.

The company, which is the world's largest producer of diabetes management drug metformin, has allotted the bonds in two parts, A and B.

Under part-A, 800 fully paid-up shares of face value ¤10,000 were allotted to raise ¤8 million.

The balance ¤7 million was raised as part B wherein the bonds were paid partly up to 10 per cent of the same face value.

The foreign currency convertible bonds are likely to be listed on the Luxembourg Stock Exchange, a company release said.

Wanbury shares ended at Rs 117.70 on the National Stock Exchange, up 1.1 per cent from Monday.