Everest Kanto Cylinder Updates on Zero Coupon Convertible Bonds

Everest Kanto Cylinder Ltd had issued a notice dated September 17, 2012, convening a meeting of the holders of the US$ 35,000,000 Zero Coupon Convertible Bonds due 2012 (the "Bonds") on October 09, 2012 proposing an extraordinary resolution to amend the maturity date of the Bonds from October 10, 2012 to February 11, 2013 and extend the conversion period of the Bonds until February 04, 2013.

The said meeting of the holders of the Bonds has been adjourned as the requisite quorum was not present for the meeting.

The Company continues to engage with the bondholders and its other lenders to enter into one or more financing agreements to either repay the zero coupon convertible bonds due 2012 or to restructure the terms of such bonds.

The Everest Kanto Cylinder Ltd stock was trading at Rs.33, down by Rs.0.35 or 1.05%. The stock hit an intraday high of Rs.33.75 and low of Rs.32.40.

The total traded quantity was 1.90 lakhs compared to 2 week average of 6.04 lakhs.

Source : Equity Bulls

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