Orchid Pharma Raises US $75 million Through Global Depositary Receipts and Foreign Currency Convertible Bonds
Orchid Pharma Raises US $75 million Through Global Depositary Receipts (GDRs) and Foreign Currency Convertible Bonds (FCCBs)
Orchid Chemicals & Pharmaceuticals Limited today announced that it has successfully raised USD 75 million through the issue of 8,650,000 GDRs aggregating USD 37.5 million and USD 37.5 million through the issue of convertible bonds. In addition, there is a greenshoe of USD 5 million each on GDRs and convertible bonds. The GDRs (each representing one underlying share) were priced at USD 4.34 each (equivalent to Rs.195 per share). The zero-coupon convertible bonds have a tenor of five years and are convertible into equity shares at a premium of 25%. The GDRs and the convertible bonds will be listed on the Luxembourg Stock Exchange. Citigroup acted as the sole book-runner and lead manager to this transaction.
Speaking on the occasion, Mr. Raghavendra Rao, Managing Director of Orchid Chemicals & Pharmaceuticals said:
“We are pleased with the successful outcome of our capital raising exercise. These funds will enable us to strengthen our balance sheet and accelerate our efforts to grow our business into regulated markets. The successful launch of Ceftriaxone in the US was our first step, and with these proceeds we expect to continue with our development and filing program in line with our strategic objective to establish the Company as a leading integrated global pharmaceutical company.”
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