143
NOTES FORMING PART OF FINANCIAL STATEMENTS
(iv) Foreign Currency Convertible Notes (FCCN) :
The Company issued the FCCN which are convertible into Ordinary shares or ADSs. The particulars, terms of issue and the status of conversion as at
March 31, 2014 are given below :
Issue
4% FCCN (due 2014)*
Issued on
October 15, 2009
Issue Amount (in INR at the time of the issue)
US $ 375 million
(
`
1,794.19 crores)
Face value
US $ 100,000
Conversion Price per share
`
623.88
at fixed exchange rate
US $ 1 =
`
46.28
Reset Conversion Price (Due to Rights Issue,GDS Issue and
subdivision of shares)
`
120.12
US $ 1 =
`
46.28
Exercise period
November 25, 2009 (for conversion into
shares or GDSs) and October 15, 2010 (for
conversion into ADSs) to October 9, 2014
Early redemption at the option of the Company subject to
certain conditions
i) any time on or after October 15, 2012 (in
whole but not in part) at our option
or
ii) any time (in whole but not in part) in
the event of certain changes affecting
taxation in India
Redeemable on
October 16, 2014
Redemption percentage of the principal amount
108.505%
Amount converted
US $ 375 million
Aggregate conversion into ADRs (in terms of equivalent
shares) and shares
14,21,87,437
Aggregate notes redeemed
Nil
Aggregate notes bought back
Nil
Notes outstanding as at March 31, 2014
Nil
Amount outstanding as at March 31, 2014
Nil
Aggregate amout of shares that could be issued on
conversion of outstanding notes
Nil
* All FCCNs were fully converted into Ordinary shares or ADSs as on March 31, 2014
(v)
During the year 2011-12, the Company raised Syndicated Foreign currency term loans of US$ 500 million in two tranches with tenors between four to
seven years, in accordance with guidelines on External Commercial Borrowings (ECB) issued by the Reserve Bank of India. Schedule of repayment of ECB
is as under :
Date
Repayment Amount
Repayment Amount
(USD Million)
(
`
in crores)*
September 12, 2018
150
898.50
September 12, 2017
150
898.50
September 12, 2016
100
599.00
September 14, 2015
100
599.00
* at exchange rate of 1 US $ =
`
59.9000 as at March 31, 2014
(vi) Fixed deposits from public and shareholders :
These are unsecured deposits for a fixed tenor of up to three years from the date of acceptance / renewal bearing interest rates ranging from 8% to
12.5%. These fixed deposits were matured before March 31, 2014 and thus the entire balance was classified as current liabilities as on March 31, 2013.
II.
Information regarding short-term borrowings
Loans, cash credits, overdrafts and buyers line of credit from banks and Foreign Currency Non Repatriable Borrowings (FCNR(B)) are secured by
hypothecation of existing current assets of the Company viz. stock of raw materials, stock in process, semi-finished goods, stores and spares not relating
to plant and machinery (consumable stores and spares), bills receivable and book debts including receivable from hire purchase / leasing and all other
moveable current assets except cash and bank balances, loans and advances of the Company both present and future.
Independent Auditors’Report
Balance Sheet
(134-169)
Statement of Profit and Loss
Cash Flow Statement
Notes to Accounts
