Videocon Industries redeems $194.40 million FCCBs

Shares of the company were trading at Rs 122.30 apiece, up 0.99% from its previous close on the BSE

Videocon Industries Ltd has fully redeemed $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 $194.40 million which were issued in December 2010," Videocon Industries said in a BSE filing today.

The company paid an amount of $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 $97.2 million on December 30, 2015 as apart of redemption process.

In December 2010, the company had announced raising $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% from its previous close on the BSE.