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.