3i Infotech redeems over $20 million of foreign currency convertible bonds

3i Infotech Ltd has redeemed $20.2 million worth of zero coupon foreign currency convertible bonds (FCCBs), which it raised through an offer made on 10 March 2006.

3i Infotech Ltd had issued $50 million worth of FCCBs, out of which $29.8 million worth of bonds were converted into equity shares while the remaining $20.2 million has now been redeemed, the company said in a filing with the Bombay Stock Exchange (BSE).

Over a period of time, the company had converted FCCBs of nominal value of $29.8 million into 59,77,602 equity shares of the company having a face value of Rs10 each and the outstanding bonds of nominal value of $20.2 million, which were due for redemption on the maturity date, were redeemed in full on 17 March 2011 at the redemption price of 139.703 per cent of its principal amount, as per the terms and conditions of the issue, the filing said.

With this, all FCCBs issued by the company under the offer have been extinguished in full and there are no outstanding as on date, 3i Infotech said in its filing.