Gemini Communication launches FCCB issue

Gemini Communication Ltd has announced that the Company has launched a Euro 15,000,000/- 6% Foreign Currency Convertible Bonds Due 2012 (the "Bonds") Offering (the "Offering"). The Offering has been approved by the shareholders of the Company by way of special resolution at their Extra Ordinary General Meeting of the Company on March 30, 2007. The Bonds are expected to be listed on the Luxemburg Stock Exchange. The Offering was launched after market trading hours on June 29, 2007. The Offering has been fully subscribed by Merrill Lynch International and the conversion price for the Bonds has been fixed at Rs 513.08 per equity share. The yield to maturity on the Bonds would be 6.99%.

Edelweiss Capital Ltd acted as the Placement Agents and Adviser to the Company for this offering.

The stock was trading at Rs.437.25, up by Rs.28.25 or 6.91%. The stock hit an intraday high of Rs.449.80 and low of Rs.411. The total traded quantity was 227058 compared to 2 week average of 96194.

Source : Equity Bulls

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