 "Videocon fully redeems FCCBs of $194 million")
Videocon Industries said that it fully redeemed $194.40 million (about Rs 1,290 crore) foreign currency convertible bonds (FCCBs) through a combination of cash payout and fresh FCCBs.
"The company has fully redeemed FCCBs aggregating to $194.40 million, which were issued in December 2010," the company said today in a filing to the BSE. It paid $97.2 million (Rs 644.87 crore) along with applicable interest and fees in cash and issued another series of foreign currency convertible bonds of $97.2 million on Wednesday as a part of redemption process.
In December 2010, the company had announced raising $200 million to finance its new and existing projects. The firm had said the proceeds will be used in overseas direct investment in joint ventures and wholly-owned subsidiaries and other purposes.
The company’s stock closed at Rs 121.60, up 0.4%, on the BSE.
