August 21, 2012 / 9:38 AM / 5 years ago

India's Tata Steel to pay $471 mln to redeem dollar bonds

Aug 21 (Reuters) - India's Tata Steel Ltd will pay about $471 million to redeem its foreign currency convertible bonds maturing on Sept. 5, it said on Tuesday.

Tata Steel, a unit of diversified Tata Group, was expected to redeem the bonds, issued in 2007, as the equity conversion price of the securities is nearly double the current stock value of the company.

Shares of Tata Steel, which missed profit expectations for its first quarter earlier this month, fell nearly 1 percent to 391.20 rupees, while the main Mumbai market index was up nearly 1 percent.

The equity conversion price of the bonds was set at about 727 rupees a share, according to Thomson Reuters data.

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