IOL Chemicals & Pharmaceuticals Ltd approves allotment of 5051924 shares

The Board of Directors of IOL Chemicals & Pharmaceuticals Ltd at its meeting held on November 28, 2014, inter alia, has considered and approved the allotment of 50,51,924 equity shares of face value of Rs. 10/- each on conversion of US$ six million Zero Coupon Unsecured Foreign Currency Convertible Bonds issued in May 2010 to the bondholders and allotment of 8,41,987 equity shares of the face value Rs. 10/- each on conversion of US $ one million bonds in the name of custodian on behalf of the bondholders, who have not submitted their conversion notices for mandatory conversion. The paid up capital of the Company increased from 4,17,61,591 equity shares of Rs. 10/- each to 4,76,55,502 equity shares of Rs. 10/- each on the allotment aforesaid shares.

The Board also constituted a Committee with M/s KPMG as its advisors, to unleash the potential of the Company through the various options of joint ventures, restructuring of business etc.

Shares of IOL CHEMICALS & PHARMACEUTICALS LTD. was last trading in BSE at Rs.48.9 as compared to the previous close of Rs. 51.45. The total number of shares traded during the day was 32987 in over 197 trades.

The stock hit an intraday high of Rs. 50.8 and intraday low of 48.9. The net turnover during the day was Rs. 1615738.

Source : Equity Bulls

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