New Delhi: Moser Baer India on Wednesday said it was looking to restructure foreign currency convertible bonds worth USD 150 million, maturing this month.
"The company is considering undertaking restructuring of the bonds in the near future and for this purpose, the company has issued the general notice(s) to the trustees of the bonds," Moser Baer said in a filing to the BSE.

These Foreign Currency Convertible Bonds (FCCBs) were issued in 2007. They comprise tranche A and B -- each having USD 75 million zero-coupon bonds. The filing said the FCCBs mature on June 21.

"We are in the process of collating bond holder feedback from these discussions and are likely to put forward a restructuring plan in relation to the bonds for consideration of bond holders prior to the maturity date," the company said in a letter to Citibank N A London Branch -- the trustee of the bonds.

The letter dated May 31 was submitted to the BSE.

Last month, Moser Baer had said it plans to restructure over Rs 1,800 crore of its term debt.

"We are looking at restructuring over Rs 1,800 crore of term debt that the company has through Corporate Debt Restructuring programme. This is almost half of the total Rs 3,500 crore debt," Moser Baer Group CFO Yogesh Mathur had said.

A diversified entity, Moser Baer has interests in optical storage media, consumer electronics and solar energy, among others. Moser Baer has a presence in over 82 countries, according to its website.


Latest News from Business News Desk