FE India Ltd approves issue of securities

The Board of Directors of FE (India) Ltd at its meeting held on January 21, 2015, has considered and approved the allotment of 42,24,545 Warrants to the persons belonging to the Promoter & Non-Promoter Category on a preferential basis at an issue price of Rs. 22/- per Warrant in accordance with the provisions of SEBI (ICDR) Regulations, 2009 read with Companies Act, 2013.

The Board approved part conversion of aforesaid Warrants issued to the persons belonging to the Non-Promoter Category, to the extent of 24,79,545 Warrants, in terms of the mandate received from the allottees exercising their right of conversion in compliance with the provisions of SEBI (ICDR) Regulations, 2009.

The Board also approved the allotment of 43,47,826 Equity Shares of face value of Rs. 10/- each (including premium of Rs. 24.50/- per Equity Share) pursuant to conversion of equivalent no. of Warrants issued earlier to the person belonging to the Promoter Category on a preferential basis.

Shares of FE (India) Ltd was last trading in BSE at Rs.22.9 as compared to the previous close of Rs. 23.9. The total number of shares traded during the day was 4184 in over 48 trades.

The stock hit an intraday high of Rs. 23.8 and intraday low of 22.8. The net turnover during the day was Rs. 96655.

Source : Equity Bulls

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