Lupin Ltd, a Rs 12 billion Mumbai based pharma company, has successfully launched and priced an accelerated zero coupon US$ 100 million Foreign Currency Convertible Bonds (FCCBs) offering.

The bonds have a tenure of 5 years and are convertible into equity shares at a premium of 50 per cent to the BSE closing prices of Rs 756.05 as on December 6, 2005. The yield to maturity of the bonds is set at 6.05 per cent per annum.

The bonds are expected be listed on the Singapore Stock Exchange. The offering was launched after market trading hours on December 6, 2005. Merrill Lynch acted as the sole book-runner to the transaction.