Radico Khaitan to explore buy back of FCCBs

Radico Khaitan Ltd has announced that the Board of Directors of the Company at its meeting held on January 06, 2009, has approved the proposal to explore the opportunity to buy back a portion of its outstanding Foreign Currency Convertible Bonds (FCCBs) through automatic, as well as approval route subject to the prevailing market condition and availability of funds and in accordance with the Reserve Bank of India circular dated December 06, 2008, as amended from time to time.

The approval of the Board is subject to the compliance of the RBI Guidelines.

The stock was trading at Rs.67.15, down by Rs.2.20 or 3.17%. The stock hit an intraday high of Rs.68.45 and low of Rs.66.65.

The total traded quantity was 6312 compared to 2 week average of 89896.

Source : Equity Bulls

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