Pokarna completes redemption of FCCBs

The company has redeemed outstanding FCCBs with face value of $2.461 mn on Dec 19, 2014

Pokarna Limited, a Hyderabad-based granite company, on Monday said that it has completed the redemption process of $12 million (approximately Rs 75.6 crore) worth zero coupon Foreign Currency Convertible Bonds (FCCBs), which were due for redemption on March 29, 2012.

Now, the company has redeemed the outstanding FCCBs with face value of $2.461 million on December 19, 2014.

With this last leg of redemption, the FCCBs issued by the company have been fully redeemed and therefore now cease to exist, Pokarna said in a filing to the BSE.

Pokarna has in the past redeemed FCCBs worth $3.7 million on December 28, 2012, $3.762 million on May 15, 2013 and $2.077 million on May 20, 2013.

Pokarna Limited's scrip is currently trading at Rs 577.50 on the BSE, up 1.28%, over the previous close of Rs 570.20 a share.