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Rajesh Exports, one of the largest exporters of gold jewellery, has redeemed FCCBs worth $150 million (Rs 750 crore).
The company issued 1,500 Foreign Currency Convertible Bonds of $1,00,000 each totalling $150 million in 2007. It converted 1,349 bonds into equity shares last month while 151 bonds were redeemed for $2,23,81,493 (about Rs 112 crore).
“With this payment, the company has cleared all its obligations towards the issue of FCCB,” the company said in a press release on Friday.
With a capacity to process 250 tonnes of gold into jewellery, the company owns one of the largest gold jewellery manufacturing facilities in Bangalore. REL is also the lowest cost gold jewellery manufacturing company in the world. It has recently entered the domestic markets under Shubh Jewellers brand.
The company's shares on BSE were up six per cent at Rs 136.
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