Essar Oil receives notice from FCCB holder to convert FCCBs aggregating to US$ 262 million

Essar Oil Ltd has received notice from promoter company, Essar Energy Holdings Ltd., holder of Foreign Currency Convertible Bonds (FCCBs) aggregating to US$ 262 million seeking conversion of the FCCBs into equity shares.

The company will be holding a meeting of the committee of Directors (capital issues) to allot shares on conversion of FCCBs.

The Board will allot 3,88,33,443 equity shares of Rs.10 each at a premium of Rs. 128 per share aggregating to Rs. 138 per share on conversion of 1150 FCCBs of US$ 100,000 each aggregating to US$ 115 million which were issued on June 5, 2010 and to allot 4,50,16,371 equity shares of Rs. 10 each at a premium of Rs. 143 per share, aggregating to Rs. 153 per share on conversion of 1470 FCCBs of US$ 100,000 each aggregating to US$147 million which were issued on July 9, 2010.

Shares of Essar Oil Ltd was last trading BSE at Rs.55.05, up by Rs.0.25 or 0.46%. The stock hit an intraday high of Rs.56.70 and intraday low of Rs.54.60.

The total traded quantity was 5.08 lakh shares as compared to 2 week average of 4.44 lakh shares.

Source : Equity Bulls

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