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Wal-Mart Stores Inc Extends Equity Conversion Date In India's Cedar-Reuters

Monday, 30 Sep 2013 08:58am EDT 

Reuters reported that Wal-Mart Stores Inc's India unit has sought an extension of its equity conversion date in Cedar Support Services, the parent firm of Bharti Retail, its joint venture partner in India. Wal-Mart had invested $100 million in 2010 in Cedar in exchange for compulsorily convertible debentures that can be exchanged for 49% in Cedar. The conversion deadline has been extended twice previously, most recently to September 30. A Wal-Mart India spokeswoman told Reuters on September 30, 2013 that the Company had filed to extend the conversion date again.