Nokia (NYSE:NOK) has redeemed nearly 40,000 of its outstanding convertible bonds, converting them into shares of the company. Just under 38,000 shares were created from the bonds, the total issue of which is 750 million euros ($972 million), maturing in 2017.
The conversion price is slightly over 2.61 euros ($3.38) per share, for a total of 100,000 euros ($130,000). This is to be recorded in the company's fund for invested, non-restricted equity, and thus will not increase total share capital. Nokia added that the new stock carries all of the rights enjoyed by existing shareholders.
Fool contributor Eric Volkman owns shares of Nokia. The Motley Fool has no position in Nokia. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.