Firstsource Solutions, Mumbai based business process outsourcing firm, said that it had cancelled $2 million worth of foreign currency convertible bonds (FCCBs) due for 2012.

The company in a note to Bombay Stock Exchange (BSE) said that with it has outstanding of $225.3 million FCCBs.

Companies are buying back FCCBs as the stock prices have gone down below the conversion price fixed for the due date. Hence the companies will have to pay the bond holders instead of converting the bonds in to equity shares.

The stock of the company on the BSE was available for Rs 19.10 a share at 3.05 pm, showing no change from the price of previous day closing. Sensex, the benchmark index of the exchange was 11261, a 2.6 per cent higher than previous day closing.

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