Gujarat Ambuja Cements is considering exercising its call option for
buying back nearly US$80m of its outstanding foreign currency convertible
bonds (FCCBs). The company plans to repay bondholders in case they did
not convert the loan into equity shares. It has the choice to exercise the
call option after 31 Jan 2004 at conversion price of Rs222 per share. Nearly
20 per cent of the US$99m FCCBs have been converted into equity. The
company will issue call notice of duration of 40 days to the bond
holders to convert their bonds into equity shares.