India’s Tube Investments board OKs redemption of Rs. 2 billion bonds

By Sarah Lizee

Olympia, Wash., Aug. 13 – Tube Investments of India Ltd. informed the Bombay Stock Exchange that its board of directions authorized the early redemption of up to Rs. 2 billion of its outstanding secured redeemable nonconvertible debentures.

The board approved the redemption at a meeting held Monday, according to a notice.

The debentures will be redeemed “at an appropriate time to optimize the interest cost,” the company said.

Tube is a holding company based in Chennai, India, for the manufacturing of cycles and components, steel strips and tubes, and metal formed products.

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