Rajesh Exports shares surge after FCCB clearing

Published: Friday, March 9, 2012, 14:02 [IST]

Rajesh Exports Limited (REL) which is the worlds largest manufacturer of Gold Jewellery shares surged following news of clearing Foreign Currency Convertible Bonds( FCCB).

The shares of the company which were trading low since previous month have surged 6% in today's trade and was at Rs 135.50 up Rs 7.80 at 1.00 pm IST.

REL had issued 1500 Foreign Currency Convertible Bonds (FCCB) of USD 100,000 Each totaling a value of USD 150 Million on 22/02/2007. The bonds were overwhelmingly received in the international market and the issue was oversubscribed.

Investors opted for a conversion of 1349 bonds into equity shares. The last of the equity share from the converted bonds was issued in the Month of February 2011.

Investors opted for redemption of 151 bonds, for which an accredited value of USD 22,381,493.31 was to be paid to the investors. The company has fully discharged it’s obligation towards the bond holders, by making a payment of $ 22,381,493.31 on time.

With this the company has cleared all it’s obligations towards the issue of FCCB well within
the required time.

About REL
REL has emerged as the largest retail jeweller in the south Indian State of Karnataka, and has also emerged as the only fully integrated gold jewellery company in the world. With its retail initiative, under the brand name of SHUBH Jewellers.

Story first published: Friday, March 9, 2012, 14:02 [IST]