HBL Power to raise funds through FCCB issue

HBL Power Systems Ltd has announced that the Committee of the Board of Directors (CoD) of the Company at its meeting held on August 28, 2007, has decided to raise funds through issue of Foreign Currency Convertible Bonds (FCCBs) of US$ 20,00,000 which is equivalent to Rs 80 crores divided into 200 nos. Bonds of US$ 100000 each with an option to convert into fully paid equity shares of Rs 10/- each, at a premium of Rs 390/- per share, depending upon the exercise of option for conversion on or before the dates as may be specified in the said bonds.

The stock was trading at Rs.265, down by Rs.0.20 or 0.08%. The stock hit an intraday high of Rs.269 and low of Rs.258.15. The total traded quantity was 480 compared to 2 week average of 2828.

Source : Equity Bulls

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