Helios and Matheson redeems FCCBs for US$ 21.67 million on due date on July 14, 2011

Helios and Matheson Information Technology Ltd has successfully redeemed the outstanding Foreign Currency Convertible Bonds (FCCBs) of US$ 15,600,000 together with redemption premium, totalling to US$ 21,669,605.01. With this payment, the entire FCCB liability has been extinguished. The company has made the repayment as per schedule, in line with the terms and conditions of the FCCB Instrument, underlining the company's strong fundamentals.

It may be noted that the company had issued FCCBs worth US$25 million, in July 2006, including an over-allotment option of US$ 5 million 2% Foreign Currency Convertible Bonds due July 2011. After conversions and buy back totalling to US$ 9.4 million over the last 5 years, the outstanding FCCBs have been fully redeemed now.

The stock was trading at Rs.30.80, down by Rs.1.35 or 4.20%. The stock hit an intraday high of Rs.31.75 and low of Rs.30.

The total traded quantity was 0.88 lakhs compared to 2 week average of 0.15 lakhs.

Source : Equity Bulls

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