Karuturi Global Ltd has got bondholders approval for the restructuring of outstanding foreign currency convertible bonds (FCCBs) amounting to $39 million.
The company said in a release to the exchanges that the bondholders, through a written resolution to the company, has approved the restructuring which involves extension of maturity of the current FCCBs, part-redemption of the FCCBs and part-refinance by cashless exchange of FCCBs for new FCCBs.
“This is subject to Reserve Bank of India (RBI) approval. The company has in turn has approached the RBI for the approval,” the release added.
Karuturi Global had in October 12, 2007 issued $50-million FCCBs for the acquisition of companies in Kenya and the bonds were due for redemption on October 19, 2012. For restructuring the outstanding FCCBs, the company had approached the bondholders.