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Ranbaxy redeems US $440mn convertible bonds
Ranbaxy has fully redeemed US $440mn zero coupon convertible bonds, the maturity date
for which was on March 18, 2011. In 2006, the company had launched an offering of US
$400mn zero coupon foreign currency convertible bonds, with an option to allot additional
bonds of up to US $40mn. The yield to maturity of the bonds was set at 4.8%. At the CMP,
the stock is trading at 16.1x and 10.4x its CY2011E and CY2012E earnings, respectively.
We maintain Buy on the stock with a Target Price of `588.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Ranbaxy redeems US $440mn convertible bonds
Ranbaxy has fully redeemed US $440mn zero coupon convertible bonds, the maturity date
for which was on March 18, 2011. In 2006, the company had launched an offering of US
$400mn zero coupon foreign currency convertible bonds, with an option to allot additional
bonds of up to US $40mn. The yield to maturity of the bonds was set at 4.8%. At the CMP,
the stock is trading at 16.1x and 10.4x its CY2011E and CY2012E earnings, respectively.
We maintain Buy on the stock with a Target Price of `588.
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