Business Standard

Educomp soars on $155 mn tie-up to repay FCCBs

The company has arranged for $155 million to pay off foreign currency convertible bonds (FCCB) of $78.5 million on due date

Related News

Educomp Solutions has soared 11% to Rs 152 after the company said that has arranged $155 million to pay off foreign currency convertible bonds (FCCB) of $78.5 million on due date.

“The board of directors approved a comprehensive financing package of $155 million. Of this amount, approximately $111 million is proposed to be utilised for existing redemption including redemption premium, the balance would be utilised towards capex, and strengthening the balance sheet of the company,” the company said in a filing to the stock exchanges.

Components of the financing package are expected to close simultaneously before the FCCB redemption date, it added.

The stock opened at Rs 138 and hit a high of Rs 153 on the Bombay Stock Exchange. A combined 5.5 million shares have already changed hands in morning deals, against an average around below 3 million shares that were traded daily in past two weeks on both the exchanges.

Read more on:   
|
|

Read More

Sensex zooms 439 pts on GAAR relief, EU deal

The stock markets surged over two per cent on Friday on heavy buying from foreign investors after the government soothed their nerves by proposing ...

Quick Links

 

Market News

Sensex gains over 150 points; BSE Auto index up 3%

Hero MotoCorp, Bajaj Auto, Tata Motors, Maruti Suzuki India, M&M and Eicher Motors are up 1-3.5%

Zinc up by 0.1% on overseas trend, spot demand

Speculators enlarged positions taking positive cues from overseas markets

Aluminium down by 0.3% on global cues

Further, sluggish demand in the domestic spot markets also weighed on the metal prices

Copper falls by 0.2% on weak global cues

Speculators offloaded their positions at prevailing levels amidst a weak trend overseas

Nickel down by 0.3% on sluggish demand

Participants reduced holdings tracking a weak trend overseas amid sluggish demand

Back to Top