Shah Alloys won't redeem $10 million of convertible bonds at maturity

By Devika Patel

Knoxville, Tenn., Sept. 26 - Shah Alloys Ltd. informed the Bombay Stock Exchange it does not have sufficient capital to redeem its $10 million of zero-coupon unsecured foreign currency convertible bonds, which are due on Sept. 22.

The company said it is finalizing a Draft Rehabilitation Scheme which will help it to schedule repayment of the bonds.

Shah Alloys is a Gujarat, India, manufacturer of stainless steel. The company has been declared as a sick industrial company.

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