The board of directors of Gremach Infrastructure Equipments & Projects Ltd has decided to buy back Foreign Currency Convertible Bonds (FCCBs) of the value of US$50 million.
“The Company intends to buy back the FCCBs for such amount and at such terms and conditions as may be determined by the Company at its sole discretion subject to the guidelines issued by the Reserve Bank of India,” said Mr Rishi Raj Agarwal, Managing Director of the Company..
The Company has further informed that, in accordance with the Offering Circular dated 1st February 2008 for the issue of these FCCBs due in 2013 , the Conversion Price of the Bonds is reset at Rs 282.27 with effect from 12th February 2009. Total bonds outstanding as on date is US$ 50m to be converted at a predetermined exchange rate of US$ 1 = Rs 39.36.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app