Temasek Holdings has increased the size of its exchangeable bond sale by S$140 million to S$790 million.

The investment company said in a statement to the Singapore Stock Exchange (SGX) that it had exercised an over-allotment option relating to the zero-coupon bonds that mature in 2014.

Under the terms of the programme, investors can exchange the Temasek bonds for shares in UK-based Standard Chartered when the bank stock rises 27 per cent above its October 17 closing price of 14.29 pounds.

Temasek holds a stake of about 18 per cent in Standard Chartered.

Temasek said earlier it plans to use net proceeds from the bond sale to fund its ordinary course of business.

Source: CNA