Karuturi gets bondholders nod for restructuring FCCBs

Rose exporter Karuturi Global today said it has received bondholders' approval for restructuring of FCCBs worth USD 55.07 million including interest.
    
"Board of Directors of the Company has approved restructuring of FCCBs amounting USD 55.07 million including interest," Karuturi Global said in a filing to the BSE.

It said that bondholders of outstanding FCCBs of USD 39 million, which matured on October 19, 2012, have approved the restructuring proposal by passing a written resolution.

The Bangalore-based company has made application to the RBI for necessary approval under the External Commercial Borrowing (ECB) guidelines, it added.
    
The written resolution passed by the bondholders involves extension of maturity of the FCCBs, part redemption of the FCCBs and part refinance by cashless exchange of FCCBs for new FCCBs.

Also read:'Optimistic about Indian exports touching $300bn in FY13'
    
Foreign Currency Convertible Bonds (FCCBs)are issued to raise money in foreign currencies. Shares of the company rose marginally by 0.34 per cent to settle at Rs 2.99 on the BSE platform.