Videocon raises $90 mn via FCCBs

Videocon Industries has raised $90 million by way of FCCBs, which are listed on the Singapore Exchange Trading Securities Ltd.

Videocon Industries Ltd on Friday said that it has raised $90 million by way of Foreign Currency Convertible Bonds (FCCBs) which are listed on the Singapore Exchange Trading Securities Ltd.

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The company informed the Stock Exchanges that it had completed the first tranche of issue of the bonds, which have a final maturity on March 7, 2011.

These bonds, carrying a coupon rate of 5.0 per cent paid semi-annually, are convertible into shares on or after February 7, 2009 and on and prior to February 28, 2011.

Also, they can be converted at an initial price of Rs 545.24 and are redeemable at the option of the issuer on or after February 7, 2009 and on and prior to February 28, 2011.