Assam Company India seeks extension for FCCBs redemption

At the Meeting of the Board of Directors of Assam Company India Ltd held on March 06, 2012, the Board reaffirmed its commitment to redeem the outstanding Foreign Currency Convertible Bonds (FCCBs) at the earliest possible, subject to obtaining the requisite consent and/or confirmation of the Trustee, Bondholders, Reserve Bank of India and any other concerned authorities. The Board resolved to continue making best efforts to arrange for requisite funding from banks or other financial institutions to redeem the FCCBs and to discharge its obligations towards the Trustee and the Bondholders in such manner and to the satisfaction of all concerned.

The Board was also informed that an application to the Reserve Bank of India has already been made seeking to extend the period for making the FCCBs redemption payment till March 31, 2012.

The Assam Company India Ltd stock was trading at Rs.7.52, down by Rs.0.07 or 0.92%. The stock hit an intraday high of Rs.7.78 and low of Rs.7.41.

The total traded quantity was 0.85 lakhs compared to 2 week average of 0.80 lakhs.

Source : Equity Bulls

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