KLG Systel approves to buyback FCCBs

KLG Systel Ltd has announced that the Board of Directors of the Company at its meeting held on January 23, 2009, inter alia, has approved in principle the proposal to explore the opportunity to buyback its outstanding Foreign Currency Convertible Bonds (FCCBs) aggregating USD 16 million either out of its Internal Accruals through approval route or out of Foreign Currency funds raised through ECBs under Automatic Route, subject to the prevailing market condition and availability of funds. The approval of the Board is subject to the compliance of the Reserve Bank of India ('RBI') Guidelines prescribed under the RBI circular no. A. P. (DIR Series)-Circular No. 39 dated December 08, 2008, as amended from time to time.

Source : Equity Bulls

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