Rolta India has further repurchased US$15 million of the outstanding Foreign Currency Convertible Bonds (FCCBs), of the original issue of Zero Coupon FCCBs of US$150 million due in 2012. The bonds of the accreted value of US$17.8 million have been repurchased at a discount of 15.25%, resulting in a gain of US$2.80 million (approx Rs.13,900 crore).
The aggregate accreted value of all repurchase of FCCBs till date is US$61.47 million (Face Value $53.31 million) and total amount paid aggregates US$47.75 million resulting in a gain of US$13.72 million (approx Rs.66.50 crore) giving an average discount of 22.3% to the accreted value on all buybacks. This gain has been appropriated into P&L and Reserves in the financial statements of the company.
The Company has diligently worked to effect these repurchase transactions to not only take advantage of the window of opportunity provided by government regulations, but also to adopt procedures that kept the interest of investors in focus.
With this, the company has been able to repurchase 35.5% of the initial issue of bonds and the aggregate principal value of the bonds remaining outstanding will be US$96.69 million, following completion of this repurchase which are due for redemption in June 2012.
