Sakthi Sugars settles $11.7mn worth of FCCBs at 65% value

Sakthi Sugars has reached a settlement with bondholders with respect to foreign currency convertible bonds (FCCBs) worth USD 11.7 million, in which it would pay its lenders about 65 percent of the bonds face value.This settles a major part of outstanding USD 15 million bonds, out of a USD 60-million issue the company had floated some years back (the remainder has already been paid or settled in the past), MD M Manickam told CNBC-TV18 in an interview."This amount will be paid by 31 March next year," he said, adding that with the settlement, no equity shares will be converted by bond holders. The development comes as the company intends to be less dependant on sugar business and has made a conscious a decision to focus on non-sugar businesses. Watch video for more