Jaiprakash Associates has paid $523.56 million to the bondholders to redeem foreign currency convertible bond (FCCB) that was raised in 2007. The company had raised $400 million through FCCB which was due to be redeemed on September 12, 2012.
Out of this, $354.475 million were outstanding on the due date. The total amount of $523.6 includes a redemption premium of 47.01% or $169.1 million. The repayment was funded by a combination of internal accrual and fresh proceeds from FCCB issued last week. The company raised $150 million through five-year convertible bond at a 5.75% and a conversion price of Rs 77.50 in the last week of August this year.
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