Moser Baer India is trading higher by 5% at Rs 9.55 after the company said it is looking to restructure foreign currency convertible bonds (FCCBs) worth $150 million, maturing this month.
“The company had issued FCCB’s in 2007 and is considering undertaking restructuring of the bonds in the near future and for this purpose the company has issued the general notice(s) to the Trustees of the Bonds,” Moser Baer said in a filing.
“These bonds comprise tranche A and B -- each having $75 million zero-coupon bonds are mature on June 21,” it added.
The stock hit 52-week low of Rs 8.90 in last week has tanked almost 80% from its one-year high market price of Rs 41.70 touched on June 15, 2011 on the Bombay Stock Exchange (BSE).
Today, the stock opened at Rs 9.36 and hit a high of Rs 9.71 on the BSE. A combined around 1.06 million shares have changed hands on the counter so far on both the exchanges.
