Kirloskar Electric Company Ltd approves conversion of CCPS

The Board of Directors of Kirloskar Electric Company Ltd at its meeting held on September 26, 2016, has approved the conversion of 818,405 Compulsorily Convertible Preference Shares (CCPS) of Rs. 100/- each and allotted 2,688,583 Equity Shares of Rs. 10/- at a premium of Rs. 20.44/- per share to Mr. Vijay R Kirloskar, Promoter.

This was the second & final conversion of CCPS according to the terms of its issue.

The meeting commenced at 1.30 P.M. and concluded at 2.00 P.M.

Shares of Kirloskar Electric Company Ltd was last trading in BSE at Rs.68.05 as compared to the previous close of Rs. 69. The total number of shares traded during the day was 466823 in over 3126 trades.

The stock hit an intraday high of Rs. 71.6 and intraday low of 67.2. The net turnover during the day was Rs. 32310305.

Source : Equity Bulls

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