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| Exchange Disseminated Time | HMT Ltd has announced that the Company has raised Government of India ("GOI") Guaranteed Bonds aggregating to Rs 310 crore in November 2002 on private placement basis, details of which are as under:
- Issue Tranche : Tranche-I
- Bonds Series : Series-F
- Total Face Value of Bonds issued : Rs 310 crore.
- Deemed Date of Allotment : November 27, 2002
- Tenure : 8 years
- Face Value (per Bond) : Rs 10 lakh
- Credit Rating (at the time of Bonds Issue) : AAA(SO) by CARE
- Security : Unconditional and irrevocable guarantee from the Government of India for timely payment of interest and repayment of principal.
- Call Option : At the end of 2nd Year at a premium of 1%
- Redemption : At par at the end of 6th, 7th and 8th year (i.e. on November 27, 2008, November 27, 2009, November 27, 2010) in the ratio of 30:30:40)
- Coupon Rate : 8.50% p.a.
- Interest Payment : Annually
- Present Credit Rating : CARE BB(SO)
- Listing : Listed on the Wholesale Debt Market (WDM) Segment of Bombay Stock Exchange Ltd
- Trustees : UCO Bank, Bangalore
- Registrars : Karvy Computershare Pvt Ltd
Further the Company has informed that, the Company received funds from the Government of India for early redemption of the above referred GOI Guaranteed HMT Bonds. Therefore, the aforesaid GOI Guaranteed 8.50% HMT Bonds 2010 (Tranche-I, Series-F) of face value aggregating to Rs 310 crore were proposed for early redemption at par (plus accrued interest till settlement / cut-off date), by prepaying the first installment of the redemption for an extent of Rs 93 crore.
Accordingly, the Company effected the pre-ponement of the date for redemption of first installment of 30% of total face value of Bonds from November 27, 2008 to November 27, 2007 by seeking written consents from Bondholders holding total face value amount of Rs 254.40 crore (representing more than three-fourth of the total outstanding face value amount of Rs 310.00 crore) of Bonds. Subsequently, the Company has effected redemption of said Bond liability to the extent of Rs 93 crore (30% of Rs 310 crore) by the cut-off date i.e. November 27, 2007. Consequently, the outstanding face value of Bonds has been reduced from Rs 10 lakh to Rs 7 lakh per Bond.
An amount of Rs 3 crore available with the Company from out of the funds received from the Government of India is proposed to be utilized for redemption of a part of said Bond liability through buy-back / repurchase of Bonds of the above Series of Bonds at par (without accrued interest till settlement / cut-off date) out of the aggregate outstanding face value of Bonds of Rs 217 crore and extinguish the same thereafter. The said buy-back / repurchase of Bonds by the Company is in line with the provisions contained in Para on "Right to Re-purchase and Re-issue the Bonds" on Page 9 of Part B of the "Confidential Information Memorandum" issued for the above Bond Issue.
Accordingly, the Company has invited Expression of Interest from selected Bondholders for sale of Bonds for face value amount of Rs 3 crore at par (without accrued interest till settlement / cut-off date) latest by 17.00 hours on December 24, 2007. On receipt of final confirmation(s) from the Bondholder(s), the Company would buy-back bonds for commensurate value and effect extinguishments of the same. |
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