Simbhaoli Sugars repurchases more than 94% FCCBs

Simbhaoli Sugars Ltd has announced that the Board of Directors of the Company at its meeting held on December 17, 2009, inter alia, has approved the cancellation / extinguishment of USD 1.50 million, 0% Foreign Currency Convertible Bonds (FCCB). The Company has bought back USD 31.11 million FCCB, approx 94% out of USD 33.00 million FCCB issued by the Company in March 2006 under the guidelines of Reserve Bank of India for this purpose.

ICICI Bank Ltd has withdrawn the nomination of Mr. S. D. Saxena, as its nominee director on the Board of Simbhaoli Sugars Ltd vide letter dated December 15, 2009.

The stock was trading at Rs.71.90, up by Rs.0.50 or 0.70%. The stock hit an intraday high of Rs.72.80 and low of Rs.71.40.

The total traded quantity was 36513 compared to 2 week average of 41115.

Source : Equity Bulls

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