Everest Kanto Cylinder to repay Zero Coupon Convertible Bond due 2012

Everest Kanto Cylinder would be repaying the entire redemption amount payable in respect of the Zero Coupon Convertible Bond due 2012 on their maturity date of October 10, 2012, from internal accruals and rupee term loan from an Indian bank.

Everest Kanto Cylinder (EKC) is engaged in the business of manufacturing industrial and CNG cylinders. The company has production capacity of 500,000 cylinders on an annual basis. EKC’s Dubai plant manufactures cylinders ranging from 1 to 280 liters water capacity and working pressure from150-400 bar (Test Pressure up to 650 bar).