Videocon Industries obtains consents to amend 4.3% convertible bonds

By Marisa Wong

Morgantown, W.Va., July 25 – Videocon Industries Ltd. said bondholders approved the extraordinary resolution presented at the bondholders’ meeting held on July 22.

As previously announced, the company solicited consents from holders of its $97.2 million 4.3% convertible bonds due 2020 to approve an extraordinary resolution that would, among other things, amend the bonds’ trust deed to change the put option date to Dec. 30.

The company announced on Monday that some additional amendments were presented at the bondholders’ meeting and that those changes were approved along with the originally proposed amendments.

The amendments are, however, still subject to approval from the Reserve Bank of India.

DB Trustees (Hong Kong) Ltd. is the trustee for the bonds.

Videocon is a diversified manufacturing company based in Mumbai. Its core products are consumer electronics and home appliances.

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