In early 2013, Plethico Pharmaceuticals Ltd had to contemplate very carefully the overdue redemption of its Foreign Currency Convertible Bonds (FCCBs) amounting to INR5.96 billion. Plethico was a strong multinational pharmaceutical company headquartered in India, with an annual turnover of more than INR16 billion, and a product portfolio of more than 400 formulations in 20 different therapeutic segments marketed through 200 brands in more than 60 countries. In October 2007, Plethico had raised USD75 million (INR2.97 billion) through FCCBs for the acquisition of Natrol Inc, in order to make strategic entry into the regulated markets of the USA and Europe. The FCCBs were listed on SGX-ST Singapore and due to mature on 23 October 2012. Due to being in a difficult cash flow position, Plethico could not redeem the bonds on time and sought from the Reserve Bank of India (RBI) an extension of the maturity date till 23 April 2013.