Nahar redeems USD 45 mn FCCB issue

Chandigarh, Feb 18 (PTI) Nahar Industrial EnterprisesLimited (NIEL), part of Punjab based Nahar Group, has said ithas redeemed its USD 45 million Foreign Currency ConvertibleBond (FCCB) raised for expansion purposes.

"The FCCBs issued by the Company in February 2006, havebeen extinguished in full and there are no outstanding Bondsas on date," the group said.

NIEL had raised USD 45 million through FCCB in February2006 mainly for carrying out its expansion activities.

"The outstanding FCCB''s due for redemption on maturitydate February 16, 2011 has been redeemed in full through TheBank of New York Mellon � New York, Trustees and payingagent," said a company release.