Re: {LONGTERMINVESTORS} Karuturi Global -------- thread for discussion.

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Rajesh Desai

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Mar 8, 2013, 1:33:15 AM3/8/13

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Karuturi Global has approached the bond holders with a re-structuring proposal and has received approval from bond holders for restructuring of outstanding foreign currency convertible bonds (FCCBs) amounting to $39 million through a written resolution which involves extension of maturity of the current FCCBs, part redemption of the FCCBs and part refinance by cashless exchange of FCCBs for new FCCBs subject to Reserve Bank of India (RBI) approval. The company has approached RBI for approval of the restructuring.

The company had earlier issued $50 million FCCBs on October 12, 2007 for the acquisition of Kenyan Companies, the bonds which were due on October 19, 2012.

Karuturi Global, is the largest producer of cut roses in the world, with are area of over 292 hectares under Greenhouse cultivation and an annual production capacity of around 555 million stems. Equipped with a robust and de-risked business model, Karuturi Global’s other fast-growing business realms are food processing, floriculture retail including a flower auction portal and information technology.