Pidilite Industries redeems FCCBs worth $40 million

13 Dec 2012

Pidilite Industries has redeemed Foreign Currency Convertible Bonds (FCCBs) with an issue size of $40 million due on December 07, 2012.

Earlier, the company had issued these FCCBs on December 3, 2007 with an issue size of $40 million, due to be redeemed on December 7, 2012. Out of this, $20.5 million were outstanding to be redeemed on the due date. The total amount of $28.57 million payable on redemption (including redemption premium of 39.37% on these bonds i.e. $8.07 million), had been duly remitted for the said redemption to the paying agent -- Bank of New York Mellon (BNY Millon).

Pidilite Industries has diversified in various segments such as adhesives and sealants, construction and paint chemicals, automotive chemicals, art materials, industrial adhesives, industrial and textile resins and organic pigments and preparations. It has created brands like Fevicol, Dr Fixit, Cyclo, hobby ideas, Roff and M-Seal.

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