Videocon Industries Ltd has fully redeemed USD 194.40 million (approx Rs 1,290 crore) foreign currency convertible bonds (FCCBs) through a combination of cash payout and fresh FCCBs. "The company has fully redeemed FCCBs aggregating to USD 194.40 million which were issued in December 2010," Videocon Industries said in a BSE filing today. The company paid an amount of USD 97.2 million (Rs 644.87 crore) along with applicable interest and fees in cash and issued another series of foreign currency convertible bonds of amount USD 97.2 million on December 30, 2015 as apart of redemption process.
In December 2010, the company had announced raising USD 200 million to finance its new and existing projects. The firm had said the proceeds will be used in overseas direct investment in joint ventures and wholly-owned subsidiaries and other purposes. Shares of Videocon Industries were trading at Rs 122.30 apiece, up 0.99 percent from its previous close on the BSE.
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