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Essar Shipping redeems Rs. 78 cr. NCDs

KOLKATA: Close on the heels of announcing the acquisition of a very large crude career (VLCC), Essar Shipping (ESL) on Tuesday said it had fully redeemed non convertible debentures of Rs. 78.54 crores ($17.82 million) that were subscribed by Unit Trust of India (UTI). In a communique, ESL informed that these debentures were raised in November, 2002. ``With today's redemption, ESL has pre-paid or fully paid as scheduled, Indian rupee borrowing amounting Rs. 107.54 crores or $24.40 million,'' the company said. — PTI

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