It secured funding tie-up of 60 million dollars (about Rs 420 crore) from International Finance Corporation by the way of compulsorily convertible debentures and foreign currency convertible bonds
Jaiprakash Associates, the flagship firm of the Jaypee Group, has restructured foreign currency convertible bonds
(FCCBs) worth about USD 110 million while Jaiprakash Power venture got its debt recast of about USD 225 million.
In a statement issued after the Cabinet meeting, the government also said investment made through foreign currency convertible bonds
and depository receipts would not be treated as foreign investment unless the debt is converted into equity.
And thirdly, many have foreign currency loans in the form of external commercial borrowings and foreign currency convertible bonds
The money is to be used by the company to repay bondholders holding foreign currency convertible bonds
Mumbai, May 23 -- MAN Industries (India) Limited, one of the leading pipe manufacturing companies has redeemed outstanding Zero Coupon Foreign Currency Convertible Bonds
(FCCBs) of USD 64.35 million (including premium).
Nearly two dozen Indian firms have an outstanding $5.8 billion in foreign currency convertible bonds
(FCCBs) that mature in 2012, brokerage Kotak Securities says.
KEL has received approval from the Reserve Bank of India to extend the tenure of its $18-million foreign currency convertible bonds
by a year, according to reports.
Essar Energy plc has already infused about US$500 million through equity or FCCBs (Foreign Currency Convertible Bonds
) in EOL.
The downgrade also factors in the expected pressure on the Everest Kanto group's liquidity because of the possible redemption of its foreign currency convertible bonds
(FCCBs) in September 2012; the group's internal accruals may not be adequate to service the instruments.
Linkages are explained in terms of capital flows from international market to Indian market in the form of Foreign Direct Investment (FDI) and foreign institutional Investment (FII) and Indian companies raising funds from international financial market through the issue of foreign currency convertible bonds
(FCCBs) and the issue of the shares under ADR/GDR arrangement.