Gitanjali Gems up 4% after deferral of FCCB issue

The stock of Gitanjali Gems shot up 4 percent on Thursday after the company decided to defer issue of foreign currency convertible bonds (FCCBs).

The management committee of the company had approved the issuance of FCCBs due 2018 on February 21 and fixed the floor price for the conversion of the bonds at Rs 570.76 on February 25.
The company had proposed to open the issue of step down FCCBs on February 25, 2013.
At 14:11 hours IST, the stock gained 4.93 percent at Rs 591.45 on Bombay Stock Exchange.
 
The share gained just 2.5 percent in past one month and 60 percent in one year.