Prajay Engineers Syndicate Raises US $60 mn Through FCCB Issue: At Rs. 208/- Per Share, 22% Premium.MUMBAI, India -- Prajay Engineers Syndicate, a leading Hyderabad-based construction company, with presence across residential, commercial and hospitality, has raised US $60 million by way of a Foreign Currency Convertible Bonds issue in the international markets. The issue was oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. . The FCCB FCCB Foreign Currency Convertible Bond FCCB Falls Church Concert Band (Falls Church, VA) FCCB Field Configuration Control Board FCCB Fresno Community Concert Band (Fresno, CA) issue is worth roughly Rs 275 crore n. 1. Ten millions; as, a crore of rupees (which is nearly $5,000,000) s>. Noun 1. crore - the number that is represented as a one followed by 7 zeros; ten million . The company has issued 6000 FCCBs of $10,000 each, to be listed on the Singapore Stock Exchange. The bonds are convertible into equity shares at a price of Rs 208 per share. This conversion price is at a premium of 22% of the volume weighted average price of the stock in the last 10 business days on BSE See Bombay Stock Exchange. BSE See Boston Stock Exchange (BSE). . "Given the choppy market Choppy Market A stock market condition whereby prices swing up and down considerably but with no resulting overall price movement in either direction. Notes: The term is derived from the phrase choppy seas, where a boat will move a lot but not over any large distance as conditions, it is extremely encouraging that our FCCB issue got a good response. It encourages us that, people endorse our vision and future plans," said Mr. Ravinder Reddy, Director, Prajay Engineers Syndicate Ltd. Prajay Engineers shall utilize the funds raised to part finance the development of 18 million square feet of land projects already announced, including the Prajay Techno Park, Prajay Harbour City Harbour City is a large shopping mall in Tsim Sha Tsui, Hong Kong, China. It is part of a series of office blocks and hotels. It comprises four parts: Marco Polo Hongkong Hotel, Ocean Terminal, Ocean Centre (with 1980s retro decor), and the Gateway. and Prajay Autopolis. Prajay Autopolis in Hyderabad, which will be India's first auto mall. The auto mall will have a constructed area of over 3 million square feet, and will be ready in the second half of 2008. About Prajay Engineering Prajay Engineers Syndicate is a leading construction company based in Hyderabad with over two decades of experience. The company started operations by providing cost-effective housing projects and has since forayed into construction of large-scale townships, farmhouses and malls. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion