Electrotherm India approves US$10 million FCCB issue

Electrotherm India Ltd has announced that the Board of Directors of the Company at its meeting held on June 25, 2007 has approved the allotment of Foreign Currency Convertible Bonds ("FCCBs") to the tune of US$ 10 million to International Finance Corporation (IFC) on private placement basis.

Further the Company has informed that, the new equity shares to be issued / allotted upon conversion of FCCBs shall be at a per share price of Rs 600/-, which is inclusive of a premium of Rs 590 per share, and shall rank pari passu in all respects with the existing Equity Shares.

The stock closed the day at Rs.497.50, up by Rs.6.40 or 1.30%. The stock hit an intraday high of Rs.503.25 and low of Rs.490. The total traded quantity was 6049 compared to 2 week average of 9620.

Source : Equity Bulls

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