Aarvee Denims repurchases bonds worth $7.5 million

Aarvee Denims & Exports Ltd has repurchased 0% Coupon Convertible Bonds Due 2012 aggregating to face value of US$ 7,500,000 at discount and in tents of approval received from Reserve Bank of India. The Company is in the process of extinguishing the same.

The amount of Bonds outstanding after this repurchase is US$ 12,500,000.

Further, the Company has redeemed 7495670 No of 13% cumulative preference shares held by DEG, Germany of the face value of Rs. 10 each, aggregating to Rs. 7.50 Crore together with pro-rata dividend thereon. These preference shares were due for redemption in June 2010.

The stock closed the day at Rs.63.55, up by Rs.2.05 or 3.33%. The stock hit an intraday high of Rs.63.55 and low of Rs.59.50.

The total traded quantity was 2565 compared to 2 week average of 2950.

Source : Equity Bulls

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