Vivimed Labs completes Buy-Back of FCCB

Vivimed Labs Ltd has announced that the Company has successfully completed buyback of its foreign currency convertible bonds (FCCBs) of USD 15.0 mn issued in April 2007, maturing for redemption in April 2012.

The bonds are convertible into equity shares at a price determined as per terms of Offer subject to floor price of Rs 185 per share. Of the total issue, bonds worth USD 12.5 mn were bought back and Bondholders opted for conversion of balance Bonds worth USD 2.5 mn into equity shares. The Company in its Board Meeting held on August 31, 2009 considered allotment of equity shares to the Bondholder and has issued 5,63,918 equity shares of the Company, converted at Rs 185 per equity share.

The stock was trading at Rs.93.95, up by Rs.4.45 or 4.97%. The stock hit an intraday high of Rs.93.95 and low of Rs.87.70.

The total traded quantity was 14922 compared to 2 week average of 16735.

Source : Equity Bulls

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