Kemrock Industries and Exports Ltd closes FCCB issue

The Board of Directors of Kemrock Industries and Exports Ltd on April 17, 2012, has closed the Company's FCCBs Issue of US$ 100 million; and pursuant to the applicable provisions of the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993, the Foreign Exchange Management Act, 1999, the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, the Companies Act, 1956, and the provisions of the Memorandum and Articles of Association of the Company and other applicable laws and regulations, issued and allotted, through depository, 5.50% Foreign Currency Convertible Bonds (FCCBs) due 2017 for an aggregate amount of US$ 100,000,000 (with an option to subscribe up to an additional US$ 25,000,000) with an initial conversion price of INR 529.04 per Share, subject to the terms and conditions as set out in the Offering Circular.

The FCCBs, issued as aforesaid, are to be listed on Luxembourg Stock Exchange, Luxembourg.

The Kemrock Industries and Exports Ltd stock was trading at Rs.518.50, up by Rs.1.40 or 0.27%. The stock hit an intraday high of Rs.519.80 and low of Rs.515.55.

The total traded quantity was 6033 compared to 2 week average of 34866.

Source : Equity Bulls

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