Nectar Lifesciences Ltd has successfully raised US$ 35 million through Foreign Currency Convertible Bonds (FCCB) on March 24, 2006. Deutsche Bank acted as the sole bookrunner to the transaction.

According to the company release, the bonds, which have a maturity of 5 years and 1 day, are convertible at a conversion price of Rs 331.74 per share, which is at a premium of 20.0% over the closing price of Rs 276.45 on the Bombay Stock Exchange on March 24, 2005. The bonds are zero coupon bonds with a yield to maturity of 8.375%, calculated on a semi-annual basis, at the end of 5 years if not converted, into shares during this period.

Due to the strong response to the offering, the issue was upsized from US$30 million to US$35 million.

The bonds are expected to be listed on the Singapore Exchange Securities Trading Limited, the release added.