Vardhman Textiles to repurchase Zero Coupon Foreign Currency Convertible Bonds

Vardhman Textiles Ltd has announced with reference to the earlier announcement dated December 24, 2008, regarding the Board of Directors had approved buyback of Foreign Currency convertible Bonds (FCCBs), that pursuant to the approval received by the Company from the Reserve Bank of India to repurchase outstanding FCCBs using rupee resources for an amount upto US$ 50 million, the Company would be repurchasing the FCCBs subject to the prevailing market conditions and compliance with applicable regulations.

The stock was trading at Rs.44.60, down by Rs.1.85 or 3.98%. The stock hit an intraday high of Rs.46.50 and low of Rs.44.60.

The total traded quantity was 927 compared to 2 week average of 12233.

Source : Equity Bulls

Keywords