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Bangalore, July 2

Strides Arcolab Ltd has informed the stock exchanges that the company has partially bought back two tranches of its FCCBs (foreign currency convertible bonds). It bought $18.50 million aggregate face value from a $100-million FCCB at a discount of 12 per cent, according to an official. This bond was issued in 2007 and matures in 2012. From the other set of $40 million issued in 2005, it bought back $2 million aggregate face value at 15 per cent discount. The bond matures i n 2010. “The company may also purchase from the markets and extinguish additional bonds from time to time at its sole discretion,” the notification to the bourse said.

– Our Bureau

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