KEI Industries redeems unsecured FCCBs worth $16.60 million

30 Nov 2011

KEI Industries has successfully redeemed the outstanding Foreign Currency Convertible Bonds (FCCBs) of $16.60 million together with redemption premium and interest, totaling to $23.42 million. With this payment, the entire FCCBs liability has been extinguished.

The company had issued FCCBs aggregating to $36 million on November 29, 2006. After conversions and buyback / repurchase of FCCBs totaling $19.40 million from time to time, FCCBs of $16.60 million were outstanding for redemption / payment on maturity date i.e. November 30, 2011.

The company has made the repayment of FCCBs as per schedule/ in line with the terms and conditions of the FCCB offering circular, underlining the company's strong fundamentals and values.

KEI Industries was incorporated for prime business activity of manufacturing house-wiring rubber cables. The product portfolio of KEI consists of three main segments; cables, Stainless Steel (SS) Wires and Winding, Flexible and House Wiring. The company has production facilities at Bhiwadi, Chopanki (Rajasthan) Silvassa.

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