Patel Engineering approves conversion of OCPS

At the meeting of the Allotment Committee of the Directors of Patel Engineering Ltd held March 31, 2014, the Committee has approved conversion of 64,17,174 Optionally Convertible Preference Shares (OCPS) amounting to Rs. 64,17,174 into 64,17,174 Equity Shares of Re. 1 at a price of Rs. 57.50 per share (including premium of Rs. 56.50) in accordance with the approval given by the shareholders.

Shares of PATEL ENGINEERING LTD. was last trading in BSE at Rs.59.2 as compared to the previous close of Rs. 59.2. The total number of shares traded during the day was 89985 in over 1049 trades.

The stock hit an intraday high of Rs. 60.7 and intraday low of 58.8. The net turnover during the day was Rs. 5378696.

Source : Equity Bulls

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