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Auto component maker Amtek India has raised $130 million (Rs. 650 crore) through issue of foreign currency convertible bonds (FCCBs) to fund acquisitions and other capital expenditure.
Vaish Associates advised Amtek with a team led by Delhi Partner Satwinder Singh along with Principal Associates Manish Tully and Sushma Mathur and Associates Gaurav Jaggi, Sougata Kundu, Kapil Manocha and Nitin Gera.
Trilegal advised book running lead manager Standard Chartered Bank with a team led by Mumbai Partner Srinivas Parthasarathy while Linklaters acted as International legal advisor to the lead manager with a team led by Managing Associate Phillip Hall.
Amtek India’s FCCB, which have a maturity of 5 years and 1 day, are convertible at the initial conversion price of Rs. 103.005 per equity share. The FCCBs will have a coupon rate of 6 per cent payable on a semi-annual basis and will be listed on the Singapore Stock Exchange.
According to VCCircle, Amtek India is majority-owned by public-listed group flagship Amtek Auto, which in turn, is a firm backed by several institutional investors like Warburg Pincus and ChrysCapital. Both the PE firms earlier invested in Amtek India but exited the firm following a group restructuring.