Tantia Constructions buy-back FCCBs worth Rs 23 cr

MUMBAI: Tantia Constructions today said it has completed the buy-back of 5,000 foreign currency convertible bonds (FCCBs) worth $5 million (Rs 23 crore) in order to reduce its debt.

The company has made the buy-back from the bondholder out of internal accruals of the company, which was allotted on July 30, 2007, Tantia said in a filing to the Bombay Stock Exchange.

Following the buy-back, the company's Rs 30.30 crore loan will reduce proportionately from the balance sheet, the filing added.

Shares of Tantia Constructions were trading at Rs 92.10, up 2.33 per cent on BSE.

*** Rashtriya Chemicals' CMD U S Jha retires * Rashtriya Chemicals and Fertilizers (RCF) today said its chairman and managing director (CMD) U S Jha has retired from the company with effect from June 30.

The company's marketing director J Kohareswaran will take the additional charge of CMD from today, RCF said in a filing to the Bombay Stock Exchange.