Essar Oil Ltd approves allotment of Equity Shares on conversion of FCCBs

Essar Oil Ltd has on December 09, 2013, has issued and allotted 8,38,49,814 equity shares of Rs. 10/- each (face value) fully paid-up, to the promoter company, Essar Energy Holdings Ltd. (EEHL) on exercise of option by EEHL to convert its entire holding of Foreign Currency Convertible Bonds (FCCBs) aggregating to USD 262 million into equity shares.

The Board approved issue and allotment of 3,88,33,443 equity shares of Rs. 10/- each at a premium of Rs. 128.00 per share, aggregating to Rs. 138.00 per share to EEHL on conversion of 1,150 FCCBs of USD 100,000 each aggregating to USD 115 million which were issued on June 15, 2010. and the issue and allotment of 4,50,16,371 equity shares of Rs. 10/- each at a premium of Rs. 143.00 per share, aggregating to Rs. 153.00 per share to EEHL on conversion of 1,470 FCCBs of USD 100,000 each aggregating to USD 147 million which were issued on July 09, 2010.

With conversion of the above FCCBs, there are no more any outstanding FCCBs.

Shares of Essar Oil Ltd was last trading BSE at Rs.55.55, up by Rs.0.50 or 0.91%. The stock hit an intraday high of Rs.56.50 and intraday low of Rs.55.25.

The total traded quantity was 3.92 lakh shares as compared to 2 week average of 4.41 lakh shares.

Source : Equity Bulls

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