Shares of Geodesic and Shiv Vani Oil slumped 5 percent each in early trade on Thursday, as London Court has asked both the companies to cough up hefty sums on defaulting foreign currency convertible bonds (FCCB).
As per the order, the IT firm has to pay USD 172 million and the oil & gas exploration firm has to pay USD 84 million by February-end.
"The London Court has given a summary judgement in the case filed by the Bondholders through their Trustees, Citibank N.A., London (Citibank). According to the judgement, the company has to pay to Citibank a sum of USD 157,064,251," Geodesic said in a filing to the BSE.
Geodesic has also been directed to pay over USD 14.88 million (Rs 92.5 crore) of unpaid default interest (up to and including February 7, 2014) and USD 39,266.06 (Rs 24.39 lakh) per day of default interest from February 8, 2014 to the date of payment.
In 2008, Geodesic had raised funds through FCCB and the same was due for repayment in January last year, which the company has not been able to repay.
At 09:58 hrs Geodesic was quoting at Rs 3.01, down Rs 0.15, or 4.75 percent while Shiv Vani Oil was at Rs 13.05, down Rs 0.65, or 4.74 percent on the BSE.
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