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Himadri Chemicals and Industries Ltd has informed the NSE that the company had redeemed foreign currency convertible bonds issued to International Finance Corporation on April 4.
Himadri Chemicals said it made “full and final payment” towards redemption of FCCBs to IFC.
The company on April 13, 2009, had issued 70 FCCBs of face value of $1 lakh each for a total of $7 million to IFC.
Foregoes conversionIFC did not utilise option of converting the bonds into equity shares within a period of seven years from the date of issue at an initial conversion price of ₹13.50 a share of face value of ₹1 each at the prevailing exchange rate.
The outstanding FCCBs were redeemed at par together with interest accrued at the rate of six months LIBOR plus spread of 3.35 per cent a year accrued on a compounded six monthly basis.
Till March 31, 2015, the company made provision of ₹11.69 crore (previous year ₹9.36 crore) as interest on outstanding FCCBs.
On Monday, the shares of Himadri Chemicals finished at ₹16.85, up 5.97 per cent, on the BSE
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