Bharat Forge redeems FCCBs worth $131.48 million

Bharat Forge Ltd has announced that the Company has, on April 20, 2010, redeemed Foreign Currency Convertible Bonds (FCCBs) (Tranche 1 & Tranche 2), aggregating US $ 131,487,592.50 (includes principal of US $ 102,250,000 and redemption premium of US $ 29,237,592.50) in terms of Offering Circular dated April 15, 2005.

In 2005, the Company had issued the said FCCBs, optionally convertible into GDRs/ Equity Shares, in two tranches aggregating US $ 120 million, mainly to finance capital expenditure and global acquisitions. Out of FCCBs of US $ 120 million, US $ 17.750 million were converted into GDRs/Equity Shares during the tenure of FCCBs.

The stock closed the day at Rs.276.85, up by Rs.0.75 or 0.27%. The stock hit an intraday high of Rs.284 and low of Rs.275.20.

The total traded quantity was 198743 compared to 2 week average of 91236.

Source : Equity Bulls

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