Mahindra & Mahindra redeems FCCBs

Mahindra & Mahindra Ltd has now announced with reference to the earlier announcement dated October 08, 2010, that the Company had in April, 2006 issued 2000 Foreign Currency Convertible Bonds (due 2011) of US $1,00,000 each (‘FCCBs') aggregating US$ 200 million.

Out of the total FCCBs aggregating US$ 200 million, the Company had repurchased FCCBs aggregating US$ 10.5 million at a discount in the year 2008-2009 and FCCBs aggregating US$ 188.4 million have been converted into shares / GDRs.

Further the Company has inform that the Company has on November 08, 2010 redeemed the outstanding FCCBs aggregating to US$ 1.1 million through The Bank of New York; Depositary, Trustee and Principal Paying Agent, Conversion Agent and Transfer Agent for FCCBs.

With Early Redemption of FCCBs as aforesaid, no FCCBs remain outstanding.

The stock closed the day at Rs.813.05, up by Rs.8.05 or 1%. The stock hit an intraday high of Rs.826.40 and low of Rs.806.10.

The total traded quantity was 2.85 lakhs compared to 2 week average of 2.71 lakhs.

Source : Equity Bulls

Keywords