Mahindra & Mahindra on Friday announced the early redemption of its outstanding foreign currency convertible bonds (FCCBs) of $141.2 million, into shares or global depository receipts (GDRs), setting the date at October 29, and for any balance FCCBs at November 8.
The conversion price of the FCCB was Rs 461.02 a share; the company had the right to call the bond two years after the date of issue (April 13, 2006) if the share price was greater than 120 per cent of the conversion price (or Rs 553.20) for 30 consecutive trading days. These two conditions were satisfied on July 9, 2010. The company has waited for nearly 12 weeks after this date to call for redemption. The bondholders would find it valuable to convert their holdings into M&M shares/GDRs.
crackcrackCompany Name | CMP |
---|---|
Maruti Suzuki | 12472.75 |
Mahindra & Mahindra | 2636.15 |
Mercury Metals | 70.99 |
Hindustan Motors | 35.00 |
Suzuki (India) | |
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