Pioneer Embroideries repurchases $14.25 million worth FCCBs

Pioneer Embroideries Ltd has announced that the Company has bought back USD 14.25 million aggregate Face Value of FCCBs & have also extinguished the said Bonds.

The total payout for purchasing the Bonds is USD 3 million as the Bonds are purchased at a discount of 78.95%.

The Company had originally raised USD 30 million FCCBs in the year 2007 & has converted USD 2 million during the year 2008 & further converted USD 0.75 million during the current month.

Post repurchase of these FCCBs, the Company has now outstanding FCCBs worth USD 13 million.

The stock was trading at Rs.23.60, up by Rs.0.85 or 3.74%. The stock hit an intraday high of Rs.23.85 and low of Rs.22.50.

The total traded quantity was 87666 compared to 2 week average of 83902.

Source : Equity Bulls

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