Cholamandalam Investment and Finance Company Ltd allots 5 crore CCPS

Cholamandalam Investment and Finance Company Ltd has earlier announced about the allotment of 5,00,00,000 1% Compulsorily convertible preference shares (CCPS) of Rs.100/- each aggregating to Rs.500 crores to Dynasty Acquisition (FDI) Ltd. in accordance with the Securities and Exchange Board of India (Issue of capital and disclosure requirements) Regulations, 2009.

As per terms of issue and the allotment of CCPS as approved by the shareholders, the CCPS will be converted into 1,22,85,012 equity shares of Rs.10/- each at a conversion price of Rs.407/- (including a premium of Rs.397/-) per equity share at the end of 12 months from the date of allotment or earlier at the discretion of the Board. Besides, the CCPS will bear a preferential dividend of 1% per annum payable from the date of allotment till the date of conversion into equity shares.

Accordingly, Cholamandalam Investment and Finance Company Ltd has announced that the Board of Directors of the Company on September 02, 2015 have approved the payment of an interim dividend out of the profits of the Company for FY 2015-16, at 1% being Re. 1/- per share payable proportionate for the period from April 01, 2015 to September 02, 2015 and conversion of CCPS into equity shares and allotted 1,22,85,012 equity shares of Rs.10/- each at a conversion price of Rs.407/- (including a premium of Rs.397/-) per equity share in favour of M/s. Dynasty Acquisition (FDI) Ltd.

The Company will be applying for the final listing of the above equity shares on NSE and BSE.

Shares of Cholamandalam Investment and Finance Company Ltd was last trading in BSE at Rs.598 as compared to the previous close of Rs. 585.05. The total number of shares traded during the day was 5442 in over 327 trades.

The stock hit an intraday high of Rs. 603.25 and intraday low of 588. The net turnover during the day was Rs. 3249957.

Source : Equity Bulls

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