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Gitanjali Gems converts and redeems FCCBs worth $110 million

28 Nov 2011 Evaluate

Gitanjali Gems has successfully completed conversion and redemption of its 1% Foreign Currency Convertible Bonds (FCCB) worth $110 million, which matured on November 25, 2011. Out of total FCCBs worth $110 million, 63.4% of the total issue size was converted into equity shares and balance 36.6% (worth $40.26 million) bonds matured on November 25, 2011.

The outstanding bonds worth $40.26 million were redeemed on maturity date i.e. November 25, 2011 and company paid outstanding principal amount and premium to the remaining bondholders.

Further, post conversion total outstanding shares of the company have increased from 84,871,598 equity shares as on March 31, 2011 to 91,222,095 equity shares till date.

Gitanjali Group's has operational presence starting from sourcing of rough diamond, cutting, polishing and distributing, to jewellery manufacturing, which includes designing, mould making, wading, casting, sprue grinding, filing, polishing and setting. The company was first to offer diamond studded jewellery at reasonable prices.

Peers
Company Name CMP
Titan Co 4512.90
Kalyan Jewell.India 417.30
Rajesh Exports 121.98
Senco Gold 324.10
Thangamayil Jeweller 4129.85
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