Simbhaoli Sugars Ltd (SSL), the largest integrated sugar refinery in India, has announced buyback of foreign currency convertible bonds (FCCBs) worth $25.11 million.

A senior company official informed that the buyback and cancellation of bonds will strengthen the financial position of the firm and improve its debt-equity ratio.

It should be noted that the company in 2006 had issued FCCBs worth $33 million, to partially finance its expansion plans. The FCCBs will mature on March 2011.

The shares of the company settled on Friday at Rs 41, up 4% compared to previous close of Rs 39. The counter has offered return of over 46% to its investors in past one month.