Cos WITH BONDS FOR REDEMPTION MAY BE IN TROUBLE
Article Abstract:
Six Indian companies with outstanding euro convertible bonds worth $325 million which is set for redemption by the end of 1999 are likely to feel the pinch as the underlying share prices of most companies are quoting low. As the pre-determined conversion prices are higher than their underlying domestic share prices, international investors will ask for redemption in cash. The companies facing redemption in 1999 and 2000 include ICICI for $200 million, Tata Steel for $100 million, Reliance Industries $140 million, Ballarpur Industries for $35 million, Jindal Strips for $60.50 million and Sterlite Industries for $100 million. The share prices of these companies have crashed between 40 percent to 70 percent and the chances of converting the loans to equity may not be possible. (uh)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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GOVT TO FORGO Rs329 CR TO REVIVE BSCL
Article Abstract:
As part of a revival programme for Burns Standard and Company Ltd (BSCL) of Calcutta, the Government of India has decided to write off loans and interest worth Rs329 crore. It has also decided to close down seven refractory units of the company. The Government plans to infuse Rs116 crore into the working capital of the company. It will also provide Rs34 crore towards voluntary retirement scheme (VRS) to be offered to workers of the seven refractory divisions of the firm. BSCL, a subsidiary of Bharat Bhari Udyog Nigam Ltd, has been referred to Board for Industrial and Financial Reconstruction (BIFR). Its products include railway wagons, wagon components, refractories and steel castings. (gs)(psr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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IIL PROVIDES Rs102 CR TO COVER FOR EXCHANGE RISKS
Article Abstract:
Ispat Industries Ltd of the Mittal group has provided Rs102 crore as preoperative expenses due to exchange variations on the $122.2 million Euro-convertible bonds which are to mature in 2001 AD. The company's pre-operative expenses have increased by 118 percent to Rs1,051 crore in 1997-98 compared to Rs482 crore in 1996-97 due to increased debt drawing for its hot rolled coil project at Dolvi. Its pre-operative expenses due to interest and finance charges increased to Rs687 crore in 1997-98 against Rs335 crore in 1996-97. (khr)
Comment:
Provides Rs102 crore as preoperative expenses due to exchange variations on $122.2 mil Euro-convertible bonds
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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