Pokarna redeems $3.76 million portion of past-due convertible bonds

By Caroline Salls

Pittsburgh, May 16 - Pokarna Ltd. redeemed $3.76 million of its zero-coupon foreign-currency convertible bonds, which were due for redemption in December, using external commercial borrowings from Union Bank of India, according to a news release.

All $12 million of the bonds were due for redemption in December. At that time, the company redeemed $3.7 million of the bonds.

After the latest redemption, $4.54 million of the bonds remain outstanding.

Pokarna is an Andhra Pradesh, India-based granite mining company.

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