Castex Technologies Ltd. News and Updates

Keep track of all breaking news on Castex Technologies Ltd. from all sources in a single place.

Castex Technologies Ltd.

24 Aug 2021

Castex Tech Consolidated June 2021 Net Sales at Rs 86.97 crore, up 438.18% Y-o-Y

Moneycontrol

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Castex Technologies Ltd.

07 Feb 2020

Insolvency process: MCA orders SFIO probe into Castex Technology affairs

Business Standard

Castex Tech started its resolution process in December 2017 with a debt of Rs 6,000 crore

Castex Technologies Ltd.

01 Aug 2016

Hedge funds sue Stanchart over Castex derivative contracts

Business Standard

As per the funds, Castex Technologies manipulated its share price so it could force the conversion of its convertible bonds into equity

Castex Technologies Ltd.

25 Jul 2016

Castex Tech shares hit upper circuit for 19 consecutive sessions

livemint

Castex Technologies shares hit the upper circuit for 19 consecutive sessions and gained over 155% in this period

Castex Technologies Ltd.

18 Jul 2016

Castex lenders propose strategic debt restructuring

livemint

Close to 23 banks have an exposure of Rs4,850 crore in Castex Technologies

Castex Technologies Ltd.

04 Jul 2016

7 hedge funds drag Castex & StanChart to UK court

Economic Times

MUMBAI: Seven hedge funds have filed a lawsuit against Castex Technologies, formerly Amtek India, in the UK court of justice for manipulation of its share price and Standard Chartered Bank for using share price movement to pass worthless shares onto the funds, three people aware of the matter said. The suit is split in two, although for the funds the stronger case would be against the bank because the bank is dragging its feet on the problem that will inevitably leave a $130 million hole in its balance sheet, one of the fund managers said on condition of anonymity. The hearing is scheduled for July 29. The funds include Pine River Asia Master Fund, a fund of Highbridge, Arrowgrass Master Fund, a French Bank, Northwest Fund and Northwest Warrant Fund. These funds bought a derivative instrument called an ASCOT bond from Standard Chartered Bank on a foreign currency convertible bond issued to Castex in 2012 worth $130 million, with an annual coupon of 6%. The bond allowed the funds options to pay the remaining value of the bond and get shares of Castex should they chose to exercise the bond. Yet, the annual coupon was to be paid out to the bank that had underwritten the bond. However, unlike most other convertible bonds, the Castex bond had a clause that the company could call for a mandatory conversion, provided the price exceeded 130% of the holding value, which came to about Rs 171 a share. Bondholders claim that the risk of mandatory conversion resided with the...

Castex Technologies Ltd.

14 Jun 2016

Castex Technologies gets relief from Citicorp

Business Line

Citicorp International has dropped its legal proceedings against Castex Technologies in the case of the mandatory conversion of foreign currency convertible bonds. In a post-market-hours disclosure,...

Castex Technologies Ltd.

25 Feb 2016

London court decides in favour of Castex Technologies in FCCB conversion case

livemint

Castex Technologies said a London court has ruled in its favour in a case related to the mandatory conversion of foreign currency convertible bonds

Castex Technologies Ltd.

05 Jan 2016

StanChart units hold 10.63% in Castex after Amtek bond conversion

livemint

The acquisition is the result of the mandatory conversion of the Amtek India Ltd $130 million 6% convertible bonds 2017 issued by Castex

Castex Technologies Ltd.

10 Sep 2015

Castex Technologies allots shares to bond holders amid manipulation allegations

Business Standard

Castek Technologies, formerly Amtek India, on Thursday converted bonds worth around $80 million (around Rs 530 crore) into equity amid allegations of manipulation by the bond holders.

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