Karuturi Global Ltd has got bond holders approval for restructuring of outstanding foreign currency convertible bonds (FCCBs) amounting to $39 million.
The company in a release to exchanges said bond holders through a written resolution to the company has approved the restructuring which involves extension of maturity of the current FCCBs, part redemption and part refinance by cashless exchange of FCCBs for new ones.
“This is subject to RBI approval. The company in turn has approached the RBI for the approval,” the release added.
Karuturi Global in October 12, 2007, had 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 ones, the company had approached bond holders.
anil.u@thehindu.co.in