Bajaj Hindusthan looking sweet

Bajaj Hindusthan is looking very ‘sweet’ today. The stock breached the upper circuit at Rs.32.45, just a tad lower than its 52-week high of Rs.32.60, with volumes rising 1.5 times. The stock is currently up over 7% at Rs.31.60.

The stock is up after the company issued a statement saying that it has made repayment of $17.723 million of FCCBs on due date.

The company had issued FCCBs worth $15 million to International Finance Corporation (IFC), Washington. The company has made repayment of $17.723 million, including the redemption premium of $2.723 million on the due date (16 June 2014), in accordance with the terms and conditions of the said FCCBs. With the aforesaid repayment, entire outstanding FCCBs held by IFC, Washington stands redeemed on maturity.