Pratibha Industries Ltd approves conversion of CCPPS into Equity Shares

Pratibha Industries Ltd had issued and allotted 16,30,435 Compulsorily Convertible Participatory Preference Shares of Rs. 92/- each to Van Dyck, Mauritius in its meeting held on November 25, 2010. As per the terms and conditions of the Share Subscription and Shareholders Agreement dated November 22, 2010, the aforesaid shares were subject to compulsorily convertible into same number of equity shares of Rs. 2/- each on completion of 18 months from the date of issue or on receipt of specific request from Investor, whichever is earlier. Accordingly, the board passed converted the said CCPPS into equity shares by way of circular resolution dated May 24, 2012.

Accordingly, the paid up capital stand increased to Rs. 20,21,10,784 divided it 10,10,55,392 equity shares of Rs. 2 each.

The Pratibha Industries Ltd stock closed the day at Rs.37.90, up by Rs.1 or 2.71%. The stock hit an intraday high of Rs.38.45 and low of Rs.37.30.

The total traded quantity was 11287 compared to 2 week average of 8836.

Source : Equity Bulls

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