JSW Steel cancels US$47.8 million worth FCCBs

JSW Steel Ltd has announced that the Company has cancelled 14.74% of its outstanding zero coupon foreign Currency Convertible Bonds (FCCBs) of US $ 1,00,000 each due 2012, aggregating to US $ 47.80 Million, repurchased in accordance with the A.P. (DIR Series) Circular No. 39 dated December 08, 2008 issued by the Reserve Bank of India.

The principal amount of Bonds outstanding after this repurchase and cancellation is US $ 276.40 Million.

The stock was trading at Rs.312.45, up by Rs.8.05 or 2.64%. The stock hit an intraday high of Rs.344.70 and low of Rs.309.55.

The total traded quantity was 2163293 compared to 2 week average of 838954.

Source : Equity Bulls

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