Vardhman Textiles redeems Zero Coupon FCCBs

Vardhman Textiles Ltd had issued US$ 60 mn Zero Coupon Foreign Currency Convertible Bonds ('FCCBs') vide its Offering Circular dated February 14, 2006 having maturity date of February 17, 2011. Out of the said US$ 60 mn FCCBs, the Company had bought back US$ 1 mn FCCBs in March, 2009 pursuant to a Circular dated December 08, 2008 issued by the RBI.

Now, as the outstanding FCCBs of US$ 59 mn could not be converted into Equity Shares within the specified period, the said FCCBs have been redeemed alongwith the premium in terms of the Offering Circular.

The stock was trading at Rs.271, up by Rs.0.30 or 0.11%. The stock hit an intraday high of Rs.276.55 and low of Rs.271.

The total traded quantity was 734 compared to 2 week average of 7483.

Source : Equity Bulls

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