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Mahindra & Mahindra calls all $141.2 million zero-coupon convertibles
By Melissa Kory
Cleveland, Oct. 8 - Mahindra & Mahindra Ltd. announced that it will redeem all its outstanding $141.2 million zero-coupon foreign currency convertible bonds due April 14, 2011 on or before Oct. 29.
Any notes not converted by Oct. 29 will be redeemed on Nov. 8.
The company issued a total of $200 million of the convertibles on April 13, 2006. In 2008 and 2009, the company repurchased and cancelled $10.5 million convertibles.
Over the last three months, $48.3 million notes have been converted into equity.
The Bank of New York is the agent for redemption.
Mahindra is a Mumbai, India, manufacturer of tractors and light commercial vehicles.
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