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Tuesday, Mar 12, 2002

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IPCL redeems foreign currency bonds worth $176 million

Our Bureau

NEW DELHI, March 11

INDIAN Petrochemicals Corporation Ltd (IPCL) has redeemed foreign currency convertible bonds (FCCB) of $176 million (Rs 860 crore) which matured on Monday.

This is one of the biggest redemption in dollars at a stroke for any foreign currency issue by an Indian corporate, a statement issued by IPCL said here.

IPCL had placed FCCB for $150 million with a green shoe option of $25 million on February 24, 1997.

The bonds for $175 million were issued at a face value of $100 with a coupon rate of 2.5 per cent per annum payable semi-annually.

The bondholders had the option of converting the bonds into shares at a conversion price of $13 for three underlying shares.

In the event of non-conversion, the bonds were to be redeemed at a premium of 11.71 per cent at the end of five years expiring on March 11, 2002.

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