Kesoram Industries allots 7500000 shares, 750000 OCRPS

A Meeting of the committee of Directors of Kesoram Industries Ltd held on March 31, 2016 has approved the allotment of 7,500,000 equity shares of face value of Rs. 10 each to Manav Investment and Trading Company Limited, an unlisted promoter group entity, at a price of Rs. 120 per equity share (including securities premium of Rs. 110 per equity share), for an aggregate amount of Rs. 90 crores.

The committee also allotted 750,000 optionally convertible redeemable preference shares of the company of face value of Rs. 100 each (OCRPS) to IndusInd Bank Limited, a banking company listed on the stock exchanges, at a price of Rs. 1200 per OCRPS (including securities premium of Rs. 1100 per OCRPS), for an aggregate amount of Rs. 90 crores, either convertible into equity shares at the option of IndusInd within a time frame not exceeding 18 months from the date of allotment or subject to redemption by the company at the end of 18 months from the date of allotment or within such extended time as may be legally permissible in such manner and on such terms and conditions as agreed between the company and IndusInd. Where the conversion option is exercised, each OCRPS shall be convertible into 10 equity shares of Rs. 10 each at Rs. 120 per equity share.

Shares of KESORAM INDUSTRIES LTD. was last trading in BSE at Rs.106.5 as compared to the previous close of Rs. 102.65. The total number of shares traded during the day was 149099 in over 2410 trades.

The stock hit an intraday high of Rs. 109.4 and intraday low of 102.1. The net turnover during the day was Rs. 15893447.

Source : Equity Bulls

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