Recently, the company's finance committee approved cashless exchange of existing FCCBs due in 2017 with those maturing in 2020-21. Earlier this month, the RBI had approved the proposal.
In a filing to the BSE today, Jaypee Group's flagship firm Jaiprakash Associates said "the restructuring effective date is expected to occur on November 28, 2017."
The exchange bonds would be allocated to the holders of the existing bonds on the record date, which is three business days prior to the restructuring effective date, it added.
As per the proposal, the bondholders agreed to exchange their current bonds with FCCBs worth USD 38.64 million bearing the same coupon rate with maturity in 2021 and amortising bonds worth USD 81.69 million with coupon rate of 4.76 per cent and maturity in 2020.
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Jaiprakash Associates will issue 1,10,400 Series A bonds having principal value of USD 350 each carrying a coupon rate of 5.75 per cent per annum with maturity on September 30, 2021. It will also issue 1,10,400 Series B bonds having principal value of USD 740 each at a coupon rate of 4.76 per cent per annum and maturity date of September 30, 2020.
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