Videocon Industries redeems over $194 million FCCBs

The firm paid $97.2 million along with interest and fees in cash, and issued another series of foreign currency convertible bonds of $97.2 million

New Delhi: Videocon Industries Ltd has fully redeemed $194.40 million (approx. 1,290 crore) foreign currency convertible bonds (FCCBs) through a combination of cash payout and fresh FCCBs.

“The company has fully redeemed FCCBs aggregating to $194.40 million which were issued in December 2010," Videocon Industries said in a BSE Ltd filing on Thursday.

The firm paid $97.2 million ( 644.87 crore) along with applicable interest and fees in cash and issued another series of FCCBs of $97.2 million on 30 December as apart of the redemption process.

In December 2010, the company had announced raising $200 million to finance its new and existing projects. The firm had said the proceeds will be used in overseas direct investment in joint ventures and wholly-owned subsidiaries and other purposes.

Shares of Videocon Industries were trading at 122.30 apiece, up 0.99% from its previous close on the Bombay Stock Exchange Ltd. PTI