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Sunday, December 30, 2007
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Dec 28 2007 5:55PM
Bilcare unit raises $90 mln via convertibles

MUMBAI, Dec 28 (Reuters) - Pharmaceutical packaging material maker Bilcare Ltd <BIL.BO> said on Friday its Singapore unit had raised $90 million through a foreign currency convertible bond issue, to fund its global expansion plans.

The bonds carry a 4 percent coupon and are convertible at $4.55 per share, valuing the unlisted Singapore unit at about $360 million, Bilcare's vice president, finance, Vineet Mehrotra told Reuters.

Bilcare plans an initial public offer for the Singapore unit, Bilcare Singapore Pte Ltd, by 2010, he added. (Reporting by Bharghavi Nagaraju; Editing by Prem Udayabhanu) (([email protected]; +91 22 6636 9059; Reuters Messaging: [email protected])) Keywords: BILCARE CONVERTIBLES

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