The steel company stated that the payment will be made by the company on or before March 31, 2018.
On Monday, it was observed that the Prakash Industries shares gained 10 percent intraday. This was due to the approval is given by the board of directors for outstanding payment to FCCB holders to the company.
The giant steel company stated that the board of directors has passed the resolution for approval of payment in respect of outstanding obligations of the company on USD 17.85 million cash consideration due on 5.25 percent April 2015 FCCBs as per agreed terms with FCCB holders.
The steel company also went on saying that the payment will be made by the company on or before March 31, 2018.
On the BSE, the stock price was quoting at Rs 158.55, up Rs 10.10, or 6.80 percent at 13:52 hours IST.