Pokarna has paid a negotiated price of $2.405 to redeem 3,700 units constituting a total face value of $3.7 million by remitting the consideration to the bondholder in pursuance to their letter dated December 28, 2012. For the purpose, the company has partially utilized funds obtained by way of external commercial borrowing (ECB) from Union Bank of India, Hong Kong branch.
The company had issued zero coupon Foreign Currency Convertible Bonds (FCCBs) aggregating to $12 million in March 2007 which was due for redemption on March 29, 2012. With the above partial redemption, company’s units’ outstanding position would stand reduced to 8,300 units with face value of $8.3 million.
Pokarna is the India's No. 1 granite company and one of the largest exporters of natural stone from India dealing in over 80 premium colors and exporting to different parts of globe.