Bajaj Hindusthan repurchases FCCBs worth US$ 17.928 million

Bajaj Hindusthan Ltd has announced that the company has repurchased and cancelled FCCBs.

According to the terms and conditions of the offering circular issued for the Zero Coupon Foreign Currency Convertible Bonds (FCCBs) aggregating to US$ 120 million due for redemption in February 2011 and of which FCCBs of US$ 119.50 were outstanding, we would like to inform that in accordance with Reserve Bank approval, the Company had repurchased (buy-back) FCCBs aggregating to face value of US$ 17.928 million, for cash at a discount.

The Registrars for the FCCBs - Citibank N.A., has been informed to cancel the FCCBs repurchased.

We would further like to inform that after purchase and cancellation of FCCBs of face value US$ 17.928 million, the total outstanding FCCBs will be 101.572 million.

The stock was trading at Rs.161, up by Rs.11.20 or 7.48%. The stock hit an intraday high of Rs.162 and low of Rs.147.60.

The total traded quantity was 1766195 compared to 2 week average of 1325271.

Source : Equity Bulls

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