Bajaj Hindusthan launches tender offer for FCCB repurchase

Bajaj Hindusthan Ltd has announced the Buyback (Repurchase) of Foreign Currency Convertible Bonds due 2011 (the "Bonds").

The Company intends to repurchase for cash certain of the outstanding Bonds at such price to be determined by the Company at its sole discretion, by way of an intimation to certain holders of Bonds to tender their Bonds for repurchase. A Tender Offer Memorandum setting out, inter alia, the terms and conditions of the Invitation to Tender, is being dispatched in this regard to the bondholders.

The Invitation to Tender will commence on June 08, 2009 and will expire on June 10, 2009 unless extended, reopened or earlier terminated as provided in the Tender offer Memorandum.

The stock was trading at Rs.194, down by Rs.3.30 or 1.67%. The stock hit an intraday high of Rs.199.80 and low of Rs.186.55.

The total traded quantity was 2669137 compared to 2 week average of 1980916.

Source : Equity Bulls

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