Gremach issues FCCBs

Gremach Infrastructure Equipments & Projects Ltd has informed that the Company has issued and allotted Foreign Currency Convertible Bonds ("FCCBs") with a maturity of five years and one day on February 12, 2008. The FCCBs were issued in the principal amount of US$ 50,000,000 (Fifty million only) and are convertible into ordinary shares of the Company at an initial conversion price of Rs 376.36 per share. The conversion price of the FCCBs may be adjusted in certain circumstances. The FCCBs, have a 1% coupon (payable on a semi-annual basis). The said issue was made at 15% premium to the reference price.

The Company had previously obtained the approval of its shareholders to issue FCCBs up to a value of US$ 75 million. These FCCBs will be listed on the Singapore Stock Exchange.

Standard Chartered Bank was the sole bookrunner and Atherstone Capital Markets Ltd act as a financial Advisor for this issue