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IPCL redeems bonds

Indian Petrochemicals Corporation Ltd., the country“s second-biggest petrochemicals firm, redeemed foreign currency convertible bonds valued at US$ 176 million, a company statement said on 11 March. …

Indian Petrochemicals Corporation Ltd., the country“s second-biggest petrochemicals firm, redeemed foreign currency convertible bonds valued at US$ 176 million, a company statement said on 11 March. The bonds, issued in February 1997, had a face value of US$ 100 and a coupon of 2.5% per year, payable semi-annually. Bond-holders had the option of converting the bonds into shares at a conversion price of US$ 13 for three underlying shares. In the event of non-conversion, the bonds were to be redeemed at a premium of 11.71% at the end of five years. IPCL“s shares ended down 1.44% at INR 85.50 at the Bombay exchange while the benchmark index also ended 1.44% lower. The government, which now owns 59.75% of IPCL, plans to sell a 26% stake in the firm, for which state-run oil refiner Indian Oil Corp., leading petrochemicals maker Reliance Industries and detergent and soda ash maker Nirma Ltd. are in the race.

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