Gayatri Projects Limited (GPL), a Hyderabad-based infrastructure company specialising in road, irrigation, power transmission and industrial projects, has remitted over 2,190 million Japanese yen (JPY) to the Trustee’s account towards redemption of foreign convertible currency bonds (FCCBs) that matured on August 3, 2012.
In a filing to the BSE on Monday, the company said that it had an outstanding FCCBs of a value of over JPY 2,750 million due to be redeemed on August 3, 2012, and that the company had already made a payment of over JPY 560 million to the bondholders.
Now, it has remitted to Bank of New York Mellon Account, Brussels (Trustee’s account) JPY 2,190 million for redeeming the balance outstanding amount to the bondholders, it added.
The company had raised external commercial borrowing (ECB) worth JPY 1,900 million from IDBI Bank Limited and the rest through internal accruals to honour its redemption obligation. It expects to complete the bonds cancellation process and other formalities shortly, GPL said.
Gayatri Projects’ scrip plummeted 3.17% to end the trade at Rs 116.10 on the BSE on Monday, over the previous close of Rs 119.90.
