Rajesh Exports redeems $ 150m foreign bonds

Investors opted for a conversion of 1349 bonds into equity shares, and the payment was done on February 22, the company said in a release, adding the last of the equity share from the converted bonds was issued in February 2011.

Investors opted for redemption of 151 bonds, for which an accredited value of USD 2.24 crore was to be paid to investors. The company has fully discharged its obligation towards the bond holders, by making a payment on time, it added.

Rajesh Exports, established in 1990, has grown to be the largest gold jewellery manufacturing company in the world, it claimed. The company has setup the world's largest gold jewellery manufacturing facility at Whitefield, Bangalore, with a capacity to process 250 tonnes of gold into finest jewellery.

India Inc has an FCCB obligation of nearly USD 5 billion this calendar year, and many of the issuers are not in a position to pay back their investors on time.