Kirti Vagadia, Chief Financial Officer - Suzlon Group said: "I am very pleased to inform that our bondholders have approved our request for up to a 45 day extension of maturity on our June tranche of FCCBs
Yields on their FCCBs
have jumped beyond 50 percent as investors have sold off the debt.
Accordingly, in addition to its internal accruals the Company raised a QIP of US$ 85 million and met its obligation of FCCB
Note: Suzlon had issued a 5 year FCCB
series in April 2011 for US$ 175mn; having a 5% coupon and April 2016 as maturity date (5% April 2016 FCCB
Schadler was appointed to the boards of directors of Citizens and FCCB
is the longest tenor convertible issuance out of India and the proceeds are to be mainly utilized to refund "certain outstanding obligations of GMR and its subsidiaries".
The upcoming FCCB
maturity was one of the major overhangs on the company for the past few months and with today's announcement they have at least managed to address some concerns," SMC Global's Thunuguntla said.
New Delhi, July 8 (ANI/Business Wire India): Prakash Industries Ltd (PIL), a business house with interests in steel and power, is in the process to raise around 100 million dollars through an FCCB
Borrowings at SIIL consolidated level as at 31 March 2010 were Rs 9,260 crore, comprising of borrowings at Sterlite copper, including FCCB
, at Rs 5,322 crore, Rs 2,012 crore at BALCO and Rs 1,866 crore at Sterlite Energy.
OTC Pink: CZFS) and First National Bank of Fredericksburg (FNB) said FNB stockholders have approved the pending merger of FNB with and into FCCB
The investor fund, however, has offered Wockhardt a new revamp programme, under which the promoters will issue fresh foreign currency convertible bonds (FCCBs
) to cover the current outstanding of $140 mn, from a previous FCCB
The proceeds of this FCCB
offering are intended to be used for financing the growth plans of REI Agro, including an increase in the company's processing capacity.