Sterling Biotech cancels FCCBs worth $90.5 million

Sterling Biotech Ltd has announced that the Company has repurchased and cancelled FCCBs of nominal value of US $ 83.00 million zero coupon Foreign Currency Convertible Bonds due on 2012 ('FCCB 2012') and nominal value of US $ 7.50 million 0.5% Foreign Currency Convertible Bonds due on 2010 ('FCCB 2010').

The Bonds were repurchased in accordance with RBI circular Dated December 09, 2009 related to buyback / Prepayment of Foreign Currency Convertible bonds (FCCBs).

The Nominal Value of Bonds outstanding after this repurchase and cancellation of Bonds are FCCB 2010: US $ 93.67 Million and FCCB 2012: US $ 134.5 Million.

The stock closed the day at Rs.101.05, down by Rs.2.40 or 2.32%. The stock hit an intraday high of Rs.104.50 and low of Rs.100.60.

The total traded quantity was 116072 compared to 2 week average of 241101.

Source : Equity Bulls

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