Bharat Forge has redeemed Foreign Currency Convertible Bonds (FCCBs) worth $ 62.43 million which includes principal of $ 39.90 million and redemption premium of $ 22.53 million on due date. The Company had earlier on April 28, 2006, issued Foreign Currency Convertible Bonds (FCCBs), optionally convertible into GDRs/ Equity Shares, aggregating to $ 39.90 million, mainly to finance capital expenditure and global acquisitions. The Company expects to complete the bonds cancellation process and other formalities shortly.
Bharat Forge is the country’s largest manufacturer and exporter of automotive components and leading chassis component manufacturer in the world. With significant global market share, it is ranked among the leading forging companies in the world.
