HMT to pay Rs 93 cr to bondholders
State-run HMT Ltd will pay Rs 93 crore to investors against its Rs 310 crore bond issue representing 30 per cent of the total amount.
By PTI |
MUMBAI: State-run HMT Ltd on Monday said it will pay Rs 93 crore to investors against its Rs 310 crore bond issue representing 30 per cent of the total amount.
The amount of Rs 93 crore is the first installment of the total bond issue, the company said in a filing to the Bombay Stock Exchange.
HMT has received funds from the Government of India for early redemption of GOI guaranteed bonds whose first redemption was scheduled on November 27, 2008.
Following which, the state-run company preponed the date for redemption of first installment of 30 per cent of total face value of bonds (Rs 93 crore) from November 27, 2008 to November 27, 2007. Consequently, the outstanding face value of bonds was reduced from Rs 10 lakh to Rs 7 lakh per bond.
Accordingly, HMT has invited expression of interest from selected bondholders for sale of bonds for face value amount of Rs 3 crore at par by December 24, this year.
On receipt of final confirmations from the bondholders, the company would buy-back bonds for commensurate value and effect extinguishments of the same.
HMT had raised Government of India guaranteed bonds aggregating to Rs 310 crore in November 2002 on private placement basis.
Shares of the company closed at Rs 101.25, up 3 per cent on the BSE.
The amount of Rs 93 crore is the first installment of the total bond issue, the company said in a filing to the Bombay Stock Exchange.
HMT has received funds from the Government of India for early redemption of GOI guaranteed bonds whose first redemption was scheduled on November 27, 2008.
Following which, the state-run company preponed the date for redemption of first installment of 30 per cent of total face value of bonds (Rs 93 crore) from November 27, 2008 to November 27, 2007. Consequently, the outstanding face value of bonds was reduced from Rs 10 lakh to Rs 7 lakh per bond.
Accordingly, HMT has invited expression of interest from selected bondholders for sale of bonds for face value amount of Rs 3 crore at par by December 24, this year.
On receipt of final confirmations from the bondholders, the company would buy-back bonds for commensurate value and effect extinguishments of the same.
ADVERTISEMENT
HMT had raised Government of India guaranteed bonds aggregating to Rs 310 crore in November 2002 on private placement basis.
Shares of the company closed at Rs 101.25, up 3 per cent on the BSE.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
