Rolta India today said it has repurchased foreign currency convertible bonds (FCCB) worth $38.31 million following its offer for buying back the bonds.
The company had launched the tender offer on June 22, which closed on June 25, a press release issued here said.
The offer was for repurchase of an aggregate principal amount of its outstanding FCCBs of $150 million due in 2012.
The company said that it has accepted all tenders and received $38.31 million in face value of bonds having an accreted value $43.67 million (114 per cent).
The repurchase of bonds with a face value of $1,000 and an accreted value of around $1,140 has been accepted at a clearing price of $855 representing 25 per cent discount on the accreted value.
The bonds have been repurchased at gross repurchase value of $32.75-million (85.5 per cent) resulting in a gain of $10.92-million (Rs 53.50-crore) which will be appropriated into the P&L and reserves and the same will be reflected in the financial statements for the year 2008-09 ending June 30, 2009, the release said.
The repurchase of bonds was funded out of internal accruals and external commercial borrowings (ECB) raised by the company, the release said.
