KSL and Ind rallies on settlement of FCCB dues

The company has bought back FCCBs worth $90 million

KSL and Industries has locked upper circuit of 10% at Rs 62.75 on reports that the textile firm has settled a court dispute with holders of its foreign currency convertible bonds (FCCBs).

“The trustee have withdrawn the winding-up case against the company after the company bought back FCCBs worth $90 million (around Rs 500 crore),” the report suggests.

KSL had defaulted on repayment on these FCCBs, due for redemption on May 19. Following this, Bank of New York Mellon, trustee for the bondholders, moved the winding-up petition against KSL.

Around 6,338 shares have changed hands on the counter and there are pending buy orders for 4,345 shares on the BSE.