Strides Arcolab allots FCDs at Rs.400

Strides Arcolab Ltd has announced that pursuant to the approval accorded by the Shareholders at their Extraordinary General Meeting held on May 28, 2007, the Company has allotted 5,045,725, 5% Fully Convertible Debentures (FCDs) at a price of Rs 400.00 per FCD, on preferential basis to following Companies.

1. Dobliss Holdings Ltd : 3,111,440 - No of FCDs

2. Blissup Holdings Ltd : 1,934,285 - No of FCDs

These FCDs are convertible into equivalent number of fully paid up equity shares of Rs 10/- each of the Company, in one or more tranches, at any time within a period of 18 months from the date of issue.

The stock closed the day at Rs.329.55, down by Rs.12.25 or 3.58%. The total traded quantity was 74942 compared to 2 week average of 50822. The stock hit an intraday high of Rs.336.70 and low of Rs.324.50.

Source : Equity Bulls

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