Gemini surged unaware of BoAML's FCCB conversion denial

MUMBAI: Bank of America Merrill Lynch ( BoAML) issued a clarification to the exchanges on November 2 that it had not converted the FCCBs issued by Gemini Communications.

The letter was in response to a Gemini press release a day earlier that BoAML had exercised its option to convert the bonds. BoAML's letter was not in public domain till ET broke the story on Tuesday that the FII had denied claims by Gemini of an FCCB conversion.

The Gemini scrip, which hit the 5% upper circuit for three days since Nov 1, would probably not have risen if investors were privy to BoAML's denial, said market analysts.