Paramount Communications buys $8.5 million in 1% convertibles due 2011

By Devika Patel

Knoxville, Tenn., Oct. 20 - Paramount Communications Ltd. informed the Bombay Stock Exchange that it bought back and canceled $8.5 million of its $27 million in 1% foreign-currency convertible bonds due 2011.

Following this, $18.5 million of the bonds remain outstanding.

Paramount manufactures telecommunications equipment and is based in New Delhi.

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