Rolta India buys back $38.31 million in foreign currency convertibles

By Devika Patel

Knoxville, Tenn., June 29 - Rolta India Ltd. announced it bought back $38.31 million of its foreign currency convertible bonds for cash.

The bonds were bought at a price of 85.5. There will be $111.69 million of the bonds remaining outstanding after this buyback is completed on June 30.

The company said on June 22 it would buy back $150 million of its foreign currency convertible bonds for cash in a tender offer that began on June 22 and ended on June 25. The offer took the form of a Dutch auction. Holders were permitted to tender their bonds for between 78% and 85.5% of par.

Deutsche Bank, London branch, is the tender agent.

Rolta is a Mumbai, India-based engineering company.

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