JSW Steel Ltd redeems Outstanding Zero Coupon Convertible Bonds

In accordance with the terms of issue of the Zero Coupon Convertible Bonds of face value US$ 1,00,000 each issued in June 2007, due on June 28, 2012 (the "FCCBs"), JSW Steel Ltd has redeemed the FCCBs at 142.801% of the outstanding principal amount of US$ 274.40 million. The Company has thus fully discharged its obligation towards the holders of these FCCBs, by making the payment totalling to US$ 391,845,944 (inclusive of redemption premium) to the Principal Paying Agent, Citibank, NA,, London.

As a result of the above redemption, there has been no dilution in the Company's equity share capital, which would have otherwise occurred through the issue of 1,15,93,069 equity shares of Rs. 10 each arising out of such conversion of the said FCCB's.

The JSW Steel Ltd stock closed the day at Rs.694.75, up by Rs.15.55 or 2.29%. The stock hit an intraday high of Rs.700.85 and low of Rs.678.25.

The total traded quantity was 5.81 lakhs compared to 2 week average of 3.67 lakhs.

Source : Equity Bulls

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