Mahindra advances FCCBs redemption period

New Delhi: Mahindra & Mahindra (M&M) said today that it has advanced the period for redeeming the outstanding Foreign Currency Convertible Bonds (FCCBs) worth $141.2 million to this year from the earlier 14 April 2011, reports PTI.

"M&M today issued a notice for early redemption of its outstanding FCCBs of $141.2 million and setting the last date for conversion of FCCBs into shares/GDRs to 29 October 2010, and the balance outstanding FCCBs after conversion, if any, will be redeemed on 8 November 2010," the company informed the Bombay Stock Exchange (BSE).

The utility vehicle manufacturer had issued FCCBs worth $200 million in April 2006, each with a face value of $1,00,000. Out of the total issue, the company bought back bonds worth $10.5 million, while FCCBs worth $48.3 were converted into shares/GDRs during the last three months.

"In the last 12 weeks, the bonds have started converting, as they are in the money by a huge margin. We trust, that given the current market price, the bond holders would find it valuable to convert their holding into M&M shares/GDRs," executive director and group CFO Bharat Doshi said.

M&M had decided the conversion price at Rs461.02 a share with a fixed exchange rate of Rs44.42 a dollar. The company has the right to call the bond after two years if the share price is more than 120 per cent of the conversion price for a consecutive 30 trading days. "The company's share price has been trading consistently higher than 120 per cent for the last 12 weeks and currently the share price of the company is Rs725.70 and the $/Rs is 44.30," the company said in the statement to the BSE.

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Nagarjuna Agrichem sets up three wind turbine generators in Tirunelveli

Pesticides manufacturer Nagarjuna Agrichem Ltd said it installed three wind turbine generators of 2.1 MW each in Tirunelveli District, Tamil Nadu.

The project cost is about Rs34 crore. The company said it expects to generate around 46 lakh kWh/PA per wind turbine generator.

On Friday, Nagarjuna Agrichem shares ended 0.7% at Rs213 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.3% to 20,250 points.

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THANGAM

6 years ago

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Punj Lloyd wins contract worth Rs539 crore from GAIL

Construction and engineering company Punj Lloyd said it won a contract worth Rs539 crore from state-owned gas utility GAIL India for laying a natural gas pipeline from Dabhol to Bangalore.

Punj Lloyd will be laying seven spreads (sections) comprising 820 km of the pipeline, the company said in a statement. The complete work of the pipeline from Dabhol to Bidadi and two additional spur lines (Gokak-Goa and Bechanhalli-Bangalore) has a total of ten spreads. The project will be executed over a period of 13 months, Punj Lloyd said in a release.

On Friday, Punj Lloyd shares fell 2.9% to Rs132 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.3% to 20,250 points.

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