Venus Remedies settles with FCCB holders

Venus Remedies Ltd has announced that the Company and the bondholders had arrived at a Settlement Agreement dated March 03, 2010 with the FCCB holders for settlement of FCCBs of USD 12m. The Settlement was arrived at USD 14m (including interest component) against a cash payment of USD 9m and rollover of USD 5m of FCCBs for a period of 5 years, until February 15, 2015. In accordance with the said Agreement, the Company has made full and final payment of USD 9m and also received approval of Reserve Bank of India for rollover of FCCBS of USD 5m. With this, the entire issue of FCCB has been fully and finally settled with the FCCB holders.

The stock was trading at Rs.259.85, up by Rs.1.75 or 0.68%. The stock hit an intraday high of Rs.261 and low of Rs.258.

The total traded quantity was 1942 compared to 2 week average of 4317.

Source : Equity Bulls

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