Falcon Tyres to issue 43387048 shares at Rs.33.20

The Board of Directors of Falcon Tyres Ltd at its Meeting held on March 28, 2012, have approved the issue and allotment of 4,33,87,048 equity shares of face value of Rs. 5/- each on preferential basis at Rs. 33.20 per equity share (including share premium of Rs. 28.20 per equity share) pursuant to conversion of outstanding loan of Rs. 1,44,04,49,993 subject to the approval of the members of the Company at the Extra-ordinary General Meeting and all required approvals, consents and permissions, in accordance with Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 (the "SEBI (ICDR) Regulations").

The aforesaid issue pricing of equity shares is as per the pricing regulations stipulated in Chapter VII - Preferential Issue, SEBI (ICDR) Regulations.

The Extra Ordinary General Meeting shall be convened on April 26, 2012.

The Falcon Tyres Ltd stock was trading at Rs.29.60, up by Rs.0.30 or 1.02%. The stock hit an intraday high of Rs.30.30 and low of Rs.26.05.

The total traded quantity was 254210 compared to 2 week average of 8472.

Source : Equity Bulls

Keywords