Venus Remedies' FCCB holders arrive at amicable settlement

Venus Remedies Ltd has announced that the Company and its FCCB holders have arrived at an amicable settlement agreement pertaining to the redemption of the $12-million foreign currency convertible bond (FCCB) issue. Pursuant to directions of the Hon'ble Punjab and Haryana High Court in Chandigarh, both the parties have reached settlement. As per the agreement between the parties, the Company will pay a part of the outstanding FCCBs and USD five million remaining shall be rolled over for a period of 5 years, wherein the international investors will remain invested in the Company. The rollover is subject to applicable statutory approvals. The price of the rollover will be as per the SEBI floor price as applicable when FCCBs were originally issued. In accordance with the terms of the settlement agreement the FCCB holders will withdraw the winding up petition, which is yet to be admitted against the Company, as per the milestones agreed and parties will file a joint application in the court to that effect.

The stock was trading at Rs.246, up by Rs.8 or 3.36%. The stock hit an intraday high of Rs.250 and low of Rs.242.45.

The total traded quantity was 11292 compared to 2 week average of 5688.

Source : Equity Bulls

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