IOL Chemicals & Pharmaceuticals Ltd adjusts conversion price

IOL Chemicals & Pharmaceuticals Ltd pursuant to para 6.3.12 of the Terms and Conditions relating to adjustment of conversion price in connection with the Zero Coupon Unsecured Foreign Currency Convertible Bonds (FCCB) issued by the Company in May 2010, the Committee of the Board in its meeting held on July 04, 2014 has allotted 11,50,000 equity shares of face value of Rs. 10/- at a price of Rs. 28/- per share and 1,10,00,000 warrants with option to subscribe a share for each warrant at a price of Rs. 28/- per shares within a period of 18 month from the date of allotment pursuant to the meeting of Board of Directors held on May 21, 2014 and shareholders meeting held on June 20, 2014 and accordingly the conversion price of said Bonds stands adjusted from date of allotment that is from July 04, 2014 from Rs. 78 to Rs. 77 per share.

Shares of IOL CHEMICALS & PHARMACEUTICALS LTD. was last trading in BSE at Rs.61.8 as compared to the previous close of Rs. 61. The total number of shares traded during the day was 134327 in over 930 trades.

The stock hit an intraday high of Rs. 62.35 and intraday low of 60.85. The net turnover during the day was Rs. 8271570.

Source : Equity Bulls

Keywords