Rolta India redeems FCCBs Worth $134.7 m

Stocks

oi-Sneha

By Sneha B K

Published: Thursday, June 28, 2012, 13:03 [IST]

Rolta India shares surged today after the company announced that it has redeemed the outstanding Foreign Currency Convertible Bonds (FCCBs), aggregating US$ 134.7 Million including redemption premium of US$ 38 Million on the due date.

After this redemption there are no FCCB's outstanding, and it made the payment to Principal Agent of FCCBs - Deutsche Bank AG, London Branch, the company said in the statement.

The paid up capital of the Company will remain unchanged post redemption of these FCCBs.

Accordingly, Rolta India Limited will not be required to allot 16,578,519 equity shares of Rs. 10 each which otherwise could have arisen out of the potential conversion of the said FCCBs.

Commenting on this redemption, Mr. K. K. Singh, Chairman and Managing Director, Rolta India Limited said "We are very pleased to announce full payment of outstanding FCCBs before the maturity date. This underlines the confidence of the financial community/banks in our Company and its strong business model amid uncertain times and volatile foreign exchange environment."

The shares of the company were trading higher by 4% at Rs 79.00 on BSE at 1.00 pm IST.

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