Pokarna had issued Zero Coupon Foreign Currency Convertible Bonds (FCCB) aggregating to $12 millions in March 2007 which was due for redemption on March 29, 2012. The Company partially redeemed 3700 units constituting total face value of $3.7 million, in December, 2012. Further, the company paid on May 15, 2013 for redeeming 3762 units constituting total face value of $3.762 million and the marking down of the said bonds is in progress.
In this connection, the Company has further informed that the Company has made another payment on May 20, 2013 for redeeming 2077 bonds constituting total face value of $2.077 million by utilizing External Commercial Borrowing from Union Bank of India.
Procedural formalities relating to the marking down of the said Bonds have been initiated and are under progress. The balance outstanding position of the units would stand reduced to 2461 units with face value of $2.461 million after the redemption of the aforesaid Bonds.
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.