United Spirits to allot 420,974 equity shares on conversion of Bonds

United Spirits Ltd has announced that in accordance with the Offering Circular dated March 24, 2006 of issue of US$ 100,000,000 2.00 per cent Convertible Bonds due 2011 ("Bonds"), the Company has received conversion notices in respect of 7,400 Bonds aggregating to US$ 7,400,000 from the bond holders.

The Committee of Directors of the Company at its meeting held on July 12, 2007 has allotted 420,974 equity shares of Rs 10/- each, on conversion of 7,400 Bonds at a conversion price of Rs 781/- per equity share, with the fixed rate of exchange on conversion of Rs 44.43 = US$ 1.00.

Consequent upon the allotment on conversion of Bonds, the total issued and paid up equity capital of the Company stands increased to Rs 965,690,510 divided into 96569051 equity shares of Rs 10 each from the present Equity capital of Rs 961,480,770 divided into 96148077 equity shares of Rs 10 each.

The stock closed the day at Rs.1246.20, up by Rs.21.50 or 1.76%. The stock hit an intraday high of Rs.1256.95 and low of Rs.1231. The total traded quantity was 84832 compared to 2 week average of 110845.

Source : Equity Bulls

Keywords