Software services provider Geodesic is locked at 5 percent upper circuit on Monday after the company said its restructuring process is in final legs.
Restructuring process is expected to get completed during the first half of the next week, the company said in its press release.
Post completion, the company would be able to take steps towards the foreign currency convertible bond (FCCB) redemption.
On March 5, Geodesic said they expected to complete the FCCB redemption process by March 31, 2013.
Company's FCCB repayment was due on January 18, 2013. It had raised USD 125 million through FCCB in January 2008 with a conversion price of Rs 302 for acquisition. However, no acquisition had taken place.
At 10:53 hours IST, the stock was quoting at Rs 9.91 and there were pending buy orders of 17,608 shares, with no sellers available.
The share touched its 52-week high Rs 59.50 and 52-week low Rs 9.06 on 29 November, 2012 and 06 March, 2013, respectively.
Currently, it is trading 83.34% below its 52-week high and 9.38% above its 52-week low.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
