To issue 400 Foreign Currency Convertible Bonds (FCCBs) of USD 1,00,000 each towards the subscription amount of the FCCB as per the subscription agreement entered with the Lead Arranger ....
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Sampre Nutritions' board has approved issuing 400 FCCBs of USD 1,00,000 each, totalling USD 40 million (about INR 355 Crores), to be listed on the Afrinex Exchange in Mauritius. This is the second tranche of a larger plan to issue up to 1,000 FCCBs aggregating USD 100 million. The bonds carry zero coupon, are convertible into equity at the bondholder's option anytime after one week of issue and up to 37 months, with a conversion price based on SEBI guidelines. The earlier proposed preferential allotment has been postponed. Funds will be used to expand the company's FMCG business into Egypt and Liberia.
Shareholders should note potential dilution when bondholders convert into equity. The raise is sizeable (INR 355 Cr) and zero-coupon, so no immediate interest burden, but the foreign listing and long tenure add complexity. Expansion into emerging African FMCG markets could drive future growth if execution succeeds.