Sterling Biotech redeems USD 175 million FCCB due 2010

Sterling Biotech Ltd has announced that the Company had issued FCCB of USD 175 million in September 2005. Of these bonds, FCCB with Nominal Value of USD 135.46 million are converted in to Equity Shares adding Rs. 593.61 Crs to net worth of the Company.

FCCB with Nominal Value of USD 39.54 million (equivalent to Rs. 208.13 crs) has been repaid by the Company. Out of which, FCCB with Nominal Value of USD 21.225 million were Bought Back in terms of the Reserve Bank Guidelines for Buy-back of the FCCBs.

The Outstanding FCCB with Nominal Value of USD 18.315 million which were due for redemption on Maturity Date i.e. September 30, 2010, have been redeemed in full at the redemption price, as per the terms and condition of the FCCB 2010.

Thus FCCB 2010 has been extinguished in full and no outstanding for the bonds.

The stock closed the day at Rs.119.55, up by Rs.3.15 or 2.71%. The stock hit an intraday high of Rs.121.75 and low of Rs.118.30.

The total traded quantity was 2.71 lakhs compared to 2 week average of 2.68 lakhs.

Source : Equity Bulls

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