The market regulator has found that the directors of Geodesic Ltd, former owners of the children’s magazine, siphoned off FCCB funds
"Pursuant to the scheme of conversion of FCCBs into equity shares of the company, a meeting of the USD 200,000,000 5.0 per cent foreign currency convertible bondholders has been convened by the company on December 13, 2019," according to a BSE filing.
Structural issues in the wind power sector, wrong management calls, poor financial numbers and the very structure of FCCBs offer a clue on why bondholders would be lucky to get their money back.
Jain Irrigation Systems plans to raise up to USD 75 million through foreign currency convertible bonds (FCCBs) mainly for redemption of existing bonds.
Private sector Lakshmi Vilas Bank has raised Rs 167.8 crore through issuance of 1.19 crore equity shares on qualified institution placement (QIP) basis.
Private sector Lakshmi Vilas Bank today said it has launched QIP to raise over Rs 599.88 crore by issuing 4.25 crore shares in domestic or international markets.
The company at its meeting held on December 28, has approved raising of funds by way of public and/or private offerings and/or qualified institutions placement, including GDR, ADR, FCCB, or any combination thereof for an amount up to Rs 1000 crore, in one or more tranches, to eligible investors.
The special resolution to raise Rs 1,200 crore by the company was approved by the shareholders in the annual general meeting held on September 21, 2016, the company said in BSE filing.
The company is planning to raise upto Rs 3562.5 crore through various instruments. It said that fund raising is to enhance long term resources to support growth potential and to have option to raise capital at an appropriate time.
Macquarie that has outperform rating with a target price of Rs 1,140 on the stock, says GBR 1302 data in 2HFY17 will help validate BEAT platform and pave the way for a potential out-licensing deal in next 12 to 18 months.
Surheet Singh, CEO and MD of Subex says the conversion of bonds helped to clean up the balance sheet and free up cash. The company will see a huge impact on margins going forward due to FCCB conversion, he added.
The company had raised the money in December 2010 at an interest of 6.75 percent which was due in December 2015, it said.
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.
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.
Launched in September this year, masala or rupee-denominated bonds are instruments that can be used by Indian corporates to raise money from abroad.
Speaking to CNBC-TV18, Vinati Saraf Mutreja, Executive Director of the company said that this had been done to increase promoters stake to 75 percent from the current 72 percent.
Madhu Terdal, CFO of GMR Infra said that FCCBs will raise close to Rs 2,000 crore of which atleast Rs 1,500 crore will be used to service the corporate debt of the company.
In January this year, Aurobindo shareholders had approved to raise up to USD 350 million through a Qualified Institutional Placement (QIP) but the company did not raise funds due to unfavourable market conditions. The validity of the resolution is for one year.
Lenders to the crisis-ridden Amtek Auto will soon decide on a corrective action plan (CAP) based on a special audit report likely to be submitted in the coming week.
ITC, Axis Bank, NTPC, Lupin and ICICI Bank are top gainers in the Sensex. Among the losers are Tata Motors, Tata Steel, Cipla, Dr Reddy's Labs and ONGC.
The allotment committee of the company in its meeting held on September 25, 2015, allotted 3,06,83,403 equity shares of Rs 2 each at the fixed conversion price of Rs 103.005 per share.
Power producer JSW Energy is planning to raise up to Rs 12,500 crore through issuance of various securities as it eyes organic and inorganic ways to expand business.
RK Gupta, Executive Director, Bank of Maharashtra told CNBC-TV18 that a joint lender forum (JLF) to discuss and form corrective plan for Amtek India's USD 70 million FCCB issue.
85 percent of the forex loans are vulnerable to a sudden depreciation in the rupee, and could pose a systemic risk as well
The IT firm has to pay USD 171 million and oil & gas exploration firm has to pay USD 84 million by February-end.
