Jubilant Organosys to repurchase FCCBs

Jubilant Organosys Ltd has announced that the Company has issued Convertible Bonds of US$75,000,000 (current outstanding US$52,657,000) and US$200,000,000 (current outstanding US$188,900,000) due in 2010 and 2011 respectively.

The Company intends to repurchase for cash an aggregate principal amount of the outstanding Bonds in an amount to be determined by the Company at its sole discretion, by way of an invitation to holders of Bonds to tender their Bonds for repurchase. The Company proposes to despatch to Bondholders a Tender Offer Memorandum dated February 10, 2009 setting out, inter alia, the terms and conditions of the Invitation to Tender.

The Invitation to Tender will commence on February 11, 2009 and will expire on February 12, 2009, unless extended, re-opened or earlier terminated as provided in the Tender Offer Memorandum.

The stock closed the day at Rs.123.60, up by Rs.2.75 or 2.28%. The stock hit an intraday high of Rs.124 and low of Rs.120.70.

The total traded quantity was 3838 compared to 2 week average of 31535.

Source : Equity Bulls

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