Gati plans to redeem $15 million of zero-coupon convertibles

By E. Janene Geiss

Philadelphia, Nov. 14 - Gati Ltd. announced that it intends to make arrangements to redeem $15 million of its outstanding five-year zero-coupon convertibles at a premium on or before the Dec. 6 due date, according to a company press release

The notes were part of a $20 million offering that priced on Dec. 6, 2006. The initial conversion premium was 19.8%, or Rs. 125 per share.

The bonds were offered at par and were convertible into common stock of Gati, which is listed on the Bombay Stock Exchange and India's National Stock Exchange.

Gati, an Andhra Pradesh, India-based express cargo delivery company, made the announcement as part of the release of its unedited financial results for the quarter ended Sept. 30.

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