Larsen & Toubro calls zero-coupon convertibles

By Angela McDaniels

Tacoma, Wash., Nov. 26 - Larsen & Toubro Ltd. will redeem its outstanding zero-coupon foreign-currency convertible bonds due 2011 at 101.26% of par on Jan. 2, according to a company news release.

Each bond has a face value of ¥10 million, and the conversion price is Rs. 1,248.407 per share. Larsen & Toubro shares closed at Rs. 4,108.6 (Bombay: 500510) on Nov. 21.

The bonds are callable if the amount of bonds outstanding drops below 10% of the principal amount originally issued.

The company said it has converted ¥11.23 billion of the original ¥11.57 billion issue, leaving ¥340 million, or 2.94%, of the bonds outstanding as of Nov. 21.

Larsen & Toubro is a Mumbai, India-based technology, engineering, construction and manufacturing company.

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