Indian Aluminium Company has entered into a long-dated forward contract (LDFC) for 20 million dollars of its 40 million dollars worth of euro-currency bonds, aiming at containing the rupee depreciation on the loan. The contract was executed for the entire tenure of the loan, which is repayable in five semi-annual installments of 4 million dollars each from February 2004. In another move to restructure its debt, the 10.60 per cent secured non-convertible debentures (SNCD) for Rs 300 million, which is due for a bullet repayment in February 2004, has since been redeemed prematurely to reduce future interest costs. Incidentally, during 2001-02, the company raised 5-year SNCD for Rs 500 million with a bullet repayment at the end of the fifth year.
NSTL
