Everest Kanto Cylinder Ltd.
BSE : 532684
NSE Symbol :EKC
Everest Kanto Cylinder in FY 2008 raised US$35 million through FCCBs, which are due in October 2012. These FCCBs are optionally convertible into equity shares subject to certain conditions. The impact is not determinable. The company says the premium payable on exercise of redemption option, if any, will be accounted by way of debit to the SPA. The company revalues the principal amount outstanding at each reporting date and the resultant gain or loss on foreign exchange variation is recognised in the profit and loss (P&L) account. For the purpose of earning per share, conversion option is considered as anti- dilutive by Everest Kanto Cylinder.Certain contingent events have also taken a toll on the financials of companies in the quarter ended 30 September 2011.
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