Strides Arcolab EGM approves issue of FCDs

Strides Arcolab Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on May 28, 2007, inter alia, have accorded to create, offer, issue, allot and deliver in one or more tranches upto 5,200,000 5% Fully Convertible Debentures (FCDs) to Elcemar Almeida and Associates at a price (inclusive of premium) of Rs 400/- per FCD, with each FCD convertible into one equity share Rs 10/- each of the Company, on such terms and conditions as may be determined by the Board in accordance with the SEBI (Disclosure and Investor Protection) Guidelines, 2000 (SEBI DIP Guidelines) or other provisions of law as may be prevailing at the time, subject to necessary provisions and approvals.

The stock was trading at Rs.325, up by Rs.6.55 or 2.06%. The stock hit an intraday high of Rs.328.40 and low of Rs.317. The total traded quantity was 992 compared to 2 week average of 1303.

Source : Equity Bulls

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