Debt-ridden Jaiprakash Associates has completed the exercise to exchange its $150 million foreign currency convertible bonds (FCCBs) due this year with those maturing in 2020-21.
Recently, the company’s finance committee approved cashless exchange of existing FCCBs due in 2017 with those maturing in 2020-21. Earlier this month, the RBI had approved the proposal. The company had fixed November 28 as the effective date for restructuring.
Jaiparaksh Associates is a diversified infrastructure company and is engaged in segments such as engineering, construction and real estate development, manufacture and marketing of cement, hospitality and sports management.