Paramount Communications Cancels FCCBs due 2011 worth $8.5 million

Paramount Communications Ltd has announced that the Company has cancelled US$ 8.5 million 1% Foreign currency Convertible Bonds of US$ 5,000 each out of the US$27 million Foreign Currency convertible Bonds due 2011 issued by the Company on November 22, 2006. The said Bonds were repurchased in accordance with RBI Circular AP (DIR Series) Circular No. 39 dated December 08, 2008 and AP (DIR Series) Circular No. 58 dated March 13, 2009 related to Buyback / prepayment of Foreign Currency Convertible bonds (FCCBs).

The company repurchased and cancelled 1700 FCCBs and the principal amount of the Bonds outstanding after this repurchase and cancellation of bonds is US$ 18.5 million.

The stock was trading at Rs.12.28, up by Rs.0.18 or 1.49%. The stock hit an intraday high of Rs.12.45 and low of Rs.12.11.

The total traded quantity was 42034 compared to 2 week average of 49176.

Source : Equity Bulls

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