Nakoda Textile to issue FCDs

Nakoda Textile Industries Ltd has announced that the Board of Directors of the Company at its meeting held on June 06, 2007, has decided to issue 2,60,000 Fully Convertible Debentures of Rs 60/- each which will be optionally convertible into 7,80,000 equity shares of Rs 10/- each at a premium of Rs 10/- per equity share within 6 months from the date of allotment at the price of Rs 20/- per equity share (i.e. 3 Equity Shares for each FCD allotted) to the Promoters Group and 28,44,000 Share Warrants of Rs 100/- each optionally convertible into 1,42,20,000 equity shares of Rs 10/- each at a premium of Rs 10/- per equity share (i.e. 5 Equity Shares for each Share Warrant allotted) within 18 months from the date of allotment to the Promoters Group of the Company and / or person acting in concert and non promoter investors on preferential allotment basis.

Further the Company has informed that, the necessary resolution for the above will be passed at the ensuing EGM to be held on July 18, 2007.

The stock closed the day at Rs.18.95, down by Rs.0.25 or 1.30%. The total traded quantity was 43764 compared to 2 week average of 37650. The stock hit an intraday high of Rs.19.40 and low of Rs.17.80.

Source : Equity Bulls

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