Citi arm to pick up $10m Jindal Strips FCCBs

 CVC International (CVC), a Citigroup Global Investments unit, is purchasing $10 million outstanding foreign currency convertible bonds (FCCBs) of Jindal Strips from existing bondholders.

 CVC wants to convert these bonds into equity shares of Jindal Stainless Ltd, post demerger.

 Arvind Parakh, director-finance, Jindal Strips, said: