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Tuesday, Mar 30, 2004

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Guj Ambuja's CCB converted to equity shares

Our Bureau

Mumbai , March 29

THE foreign currency convertible bond issue of the $99.3 million, made by Gujarat Ambuja in January 2001, has been converted into equity shares/GDRs following the company exercising its call option. The bonds, bearing coupon rate of 1 per cent, were to be converted at Rs 222.34 per share.

"Since the company's share price is performing exceedingly well, most of the bond holders have opted to convert bonds into shares rather than to redeem the bonds," said a news release from the company.

The company's scrip closed at Rs 299.8 on the Bombay Stock Exchange on Monday.

This is the second convertible bond issue in the last 10 years, in which the company has exercised call options and converted the bonds into shares, said the news release.

With the conversion of the bonds, the equity capital has increased from Rs 156.12 crore to Rs 176.4 crore, said the news release.

Simultaneously, the company's net worth has also increased by about Rs 450 crore, said the release.

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