Essar Group, a multinational conglomerate, announced that it has pre-paid non-convertible debentures. Following this, the 10.97% equity stake in Vodafone Essar held by ETHL Communications Holdings (ECHL) will be free from all encumbrances.
ECHL has exercised the issuer call option of the Rs 4,230 crore rated, listed, zero coupon non convertible debenture.
The bonds were raised in January 2010 in two series of Rs 2,115 crore each with maturity dates of 22 July 2011 and 7th December 2011.
Essar has decided to foreclose the bond series with settlement date of March 29th and has deposited the entire outstanding amount in escrow with the account bank for onward payment to bond holders on 29 March 2011.
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