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Aurobindo Pharma redeems zero coupon FCCBs
Aurobindo Pharma had issued FCCBs in two tranches aggregating to US$150mn
(Tranche-A) in May 2006 and second tranche of US$50mn (Tranche-B) in May 2006. After
the repurchase and cancellation of FCCBs from time to time, the outstanding nominal
value of FCCBs has been paid in full at the respective redemption prices of the principal
amount on maturity date i.e. May 17, 2011, as per the terms and conditions of the
offering circular dated May 12, 2006. The company has paid an aggregate amount of
US$203.86mn for both aforesaid tranches. For the repayment, US$70mn was through
internal accruals and the remaining was through debt. Pursuant to this, there are no
outstanding bonds as on date. The stock is currently trading at 12.4x and 10.1x its
FY2012E and FY2013E earnings, respectively. We maintain our estimates and recommend
Buy on the stock with a target price of `278.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Aurobindo Pharma redeems zero coupon FCCBs
Aurobindo Pharma had issued FCCBs in two tranches aggregating to US$150mn
(Tranche-A) in May 2006 and second tranche of US$50mn (Tranche-B) in May 2006. After
the repurchase and cancellation of FCCBs from time to time, the outstanding nominal
value of FCCBs has been paid in full at the respective redemption prices of the principal
amount on maturity date i.e. May 17, 2011, as per the terms and conditions of the
offering circular dated May 12, 2006. The company has paid an aggregate amount of
US$203.86mn for both aforesaid tranches. For the repayment, US$70mn was through
internal accruals and the remaining was through debt. Pursuant to this, there are no
outstanding bonds as on date. The stock is currently trading at 12.4x and 10.1x its
FY2012E and FY2013E earnings, respectively. We maintain our estimates and recommend
Buy on the stock with a target price of `278.
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