Aurobindo Pharma pays $139 mn for redemption of outstanding FCCBs; stock up

NEW DELHI: Aurobindo Pharma today said it has paid USD 139.2 million (over Rs 600 crore) for the redemption of outstanding overseas bonds issued in 2006.

With the latest payout, the company has now paid an aggregate amount of USD 203.86 million for redemption of two tranches of foreign currency convertible bonds ( FCCBs) issued in May, 2006, Aurobindo Pharma said in a filing to the Bombay Stock Exchange (BSE).

"Pursuant to this, all bonds issued by the company in May, 2006, have been extinguished in full and there are no outstanding as on date," it added.

After the repurchase and cancellation of FCCBs from time-to-time, the outstanding nominal value of FCCBs of USD 106.25 million has been paid in full at the redemption price of 146.285 per cent of the principal amount on the maturity date, it said.

The company had issued FCCBs aggregating to USD 150 million in one tranche, dubbed Tranche A, on May 12, 2006.

The company has also paid USD 32.95 million for the redemption of FCCBs issued on May 17, 2006. The Hyderabad- based firm had issued FCCBs aggregating to Rs USD 50 million in this second tranche, Tranche B.

"... The outstanding nominal value of FCCBs of USD 32.95 million has been paid in full at the redemption price of 146.991 per cent of its principal amount on maturity date, May 17, 2011," the company said.

Shares of Aurobindo Pharma were being quoted at Rs 192.50 apiece on the BSE in late afternoon trade today, up 1.50 per cent from their previous close.