Educomp surges on debt payment hopes
Reuters | Updated On: June 20, 2012 10:52 (IST)
Mumbai: Shares in Educomp Solutions Ltd surged 8.4 per cent after the company said it has raised $155 million via external commercial borrowings, of which it plans to pay off foreign currency convertible bonds (FCCBs) worth $78.5 million.
Traders said the July payment due on its FCCBs had been an overhang on the stock of the education services provider. Educomp shares have fallen 28.6 per cent as of Tuesday's close versus the 10.3 per cent rise in the Nifty.
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