Simbhaoli Sugars to cancel US$23.11 million worth FCCBs

Simbhaoli Sugars Ltd has announced that the Board of Directors of the Company at its meeting held on May 18, 2009, inter alia, has approved the cancellation / extinguishment of USD 23.11 million, 0% Foreign Currency Convertible Bonds (FCCBs) out of USD 33 million FCCBs issued by the Company in March 2006 under the guidelines of Reserve Bank of India for this purpose.

The stock last traded on May 15, 2009 at Rs.37.50, up by Rs.0.20 or 0.54%. The stock hit an intraday high of Rs.38.10 and low of Rs.37.

The total traded quantity was 4550 compared to 2 week average of 20025.

Source : Equity Bulls

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