MAN Industries repays FCCBs worth $64.35 million

MAN Industries (India) Limited, one of the leading pipe Manufacturing companies has redeemed outstanding Zero Coupon Foreign Currency Convertible Bonds (FCCBs) of USD 64.35 million (including premium).

The bonds were issued in the year 2007 and redeemed on due date. There are no FCCBs outstanding as on date. After redemption, the company doesn't have any liability towards FCCB.

Commenting after FCCBs redemption, Mr. R C Mansukhani, Chairman, Man Industries (India) Ltd said, "We are very happy that despite of global turmoil and uncertainty in the financial markets, we have been able to maintain our 25 years track record of timely payment of liabilities".

The Man Industries (India) Ltd stock was trading at Rs.97.10, down by Rs.0.15 or 0.15%. The stock hit an intraday high of Rs.99.30 and low of Rs.95.15.

The total traded quantity was 11326 compared to 2 week average of 6980.

Source : Equity Bulls

Keywords