Total debt including FCCBs is Rs 300 crore: Pidilite

Pidilite Industries is in the limelight regarding the announcement of a Foreign Currency Convertible Bond issuance to an investor. Sandeep Batra, CFO joins CNBC-TV18 to detail the company move.

Below is the verbatim transcript. Also watch the accompanying video Q: Tell us exactly what the plan is with the FCCBs. How much will be raised and what is the exact quantum as of now?
A: In 2007 December, the company had raised USD 40 million through an issue of these FCCBs which are due for redemption in December 2012. However, they are due for conversion at any point of time. We had bought back about USD 2.8 million worth of bonds couple of years back and USD 37.2 million bonds were outstanding. The recent announcement that you refer to relates to a conversion request by a bond holder with USD 300, 000 worth of bonds, which were issued to him last week.
 
Q: How much would be outstanding and can you give us more in terms of conversion rates and what we could expect going forward?
A: After this conversion, the total value of bond outstanding is USD 36.9 million. The conversion price is Rs 202.83 plus the bond holder gets the benefit of 1:1 bonus issue that we give in March last year. Q: What is the debt on the books currently if you could tell us?
A: The total debt including the FCCBs is about Rs 300 crore on the debt on the books.