 "JSW Steel pays Rs 2,200 cr for FCCB redemption")
Sajjan Jindal-led JSW Steel today said it has paid about Rs 2,200 crore for redemption of foreign currency convertible bonds (FCCB) issued in 2007.
The payment includes principal amount of $274.4 million, plus the applicable redemption premium. “The company has thus fully discharged its obligation towards the holders of these FCCBs, by making the payment totalling to $391,845,944 to the principal paying agent, Citibank, NA, London,” the steel-maker said in a BSE filing.
[caption id=“attachment_361158” align=“alignleft” width=“380” caption=“JSW Steel had raised $274.4 million by issuing FCCBs of $0.1 million each. Reuters”]  [/caption]
JSW Steel had raised $274.4 million by issuing FCCBs of $0.1 million each, having zero coupon rate and tenure of five years, in June 2007.
“As a result of the above redemption, there has been no dilution in the company’s equity share capital, which would have otherwise occurred through the issue of 1,15,93,069 equity shares of Rs 10 each arising out of such conversion of the said FCCBs,” the company said.
JSW Steel had earlier redeemed FCCBs worth $50 million.
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