Gitanjali Gems Converts and redeems FCCBs worth $110 million

Gitanjali Gems Ltd has successfully completed conversion and redemption of its 1% Foreign Currency Convertible Bonds (FCCB) worth USD 110 million, which matured on November 25, 2011. Further the Company has informed that, out of FCCBs issued, 63.4% of the of the total issue size were converted into equity shares and balance 36.6% bonds matured on November 25, 2011. The outstanding bonds worth USD 40.26 million were redeemed on maturity date i.e. November 25, 2011 and Company paid outstanding principal amount and premium to the remaining bondholders.

Post conversion total outstanding shares of the Company have increased from 84,871,598 equity shares as on March 31, 2011 to 91,122,095 equity shares till date.

The stock was trading at Rs.339.80, up by Rs.5.90 or 1.77%. The stock hit an intraday high of Rs.344.90 and low of Rs.336.90.

The total traded quantity was 0.88 lakhs compared to 2 week average of 2.76 lakhs.

Source : Equity Bulls

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