Drug firm Strides Arcolab today said its has redeemed outstanding foreign currency bonds worth USD 80 million (over Rs 450 crore).
"The company has redeemed the outstanding USD 80 million foreign currency convertible bonds (FCCBs) on due date," Strides Arcolab said in a filing to the BSE.
The company had raised USD 100 million through FCCBs in the year 2007 and had bought back bonds worth USD 20 million in 2009. The total payout for redeeming the outstanding bonds was USD 116 million, including the redemption premium of 45.05%, the company said.
Post this redemption, there are no outstanding FCCBs, the company said adding that the company utilised its cash balance to fund the redemption.
"The company diligently planned the redemption thereby achieving substantial deleveraging of its balance sheet. We take this opportunity to thank the bond holders for their participation on our growth story," Strides Arcolab Group CFO T S Rangan said.
The company's net debt equity ratio is estimated at 0.75 after this redemption as against 1.67 for the year ended December 31, 2011, he added.
Shares of Strides Arcolab were being quoted at Rs 738.30 on the BSE in afternoon trade, up 2.73% from its previous close.
