Jubilant Organosys repurchases FCCBs

Jubilant Organosys Ltd has announced that it has received on valid applications in response to the Tender Offer for repurchase of FCCBs due in 2010 & 2011.

The aggregate principal amount of the 2010 Bonds accepted by the Company for repurchase on the Settlement Date, is US$3.000 million (the accreted value of liability to be cancelled will be US$3.828 million). The aggregate cash amount payable by the Company to the bond holders for the 2010 Bonds accepted for repurchase is US$2.550 million. The aggregate principal amount of the 2010 Bonds which will remain outstanding after repurchase is US$49.657 million.

The aggregate principal amount of the 2011 Bonds accepted by the Company for repurchase on the Settlement Date, is US$45.300 million (the accreted value of liability to be cancelled will be US$55.090 million). The aggregate cash amount payable by the Company to the bond holders for the 2011 Bonds accepted for repurchase is US$37.146 million; and the aggregate principal amount of the 2011 Bonds which will remain outstanding after repurchase is US$143.600 million.

These repurchases are in compliance with Reserve Bank of India guidelines. The Settlement Date is scheduled to occur on February 23, 2009. J.P. Morgan Securities Ltd is the Dealer Manager for the Tender Offer.

The stock was trading at Rs.119.60, up by Rs.1.65 or 1.40%. The stock hit an intraday high of Rs.122.05 and low of Rs.117.95.

The total traded quantity was 1523 compared to 2 week average of 5562.

Source : Equity Bulls

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