Gremach Infrastructure to buyback FCCBs, resets FCCB conversion price

Gremach Infrastructure Equipments & Projects Ltd has announced that the Board of directors of the Company has declared that the Company had issued Foreign Currency Convertible Bonds (FCCBs) of the nominal value of USD 50.00 million. Further the Company intends to buy back the FCCBs for such amount and at such terms and conditions as may be determined by the Company at its sole discretion subject to the guidelines issued by the Reserve Bank of India.

Further the Company has informed that, in accordance with the Offering Circular dated February 01, 2008 for the issue of US$ 50,000,000 1% Foreign Currency Convertible Bonds due 2013 issued by the Company, under Condition 6(C) (xxix) of the said Offering Circular with effect from February 12, 2009 the Conversion Price of the Bonds is reset at Rs 282.27.

Total bonds outstanding as on dated is US$ 50,000,000 to be converted at a predetermined exchange rate of US$ 1 = Rs 39.36.

The stock was trading at Rs.19.15, down by Rs.0.15 or 0.78%. The stock hit an intraday high of Rs.19.50 and low of Rs.17.60.

The total traded quantity was 9123 compared to 2 week average of 13843.

Source : Equity Bulls

Keywords