Tata Power Allots 804088 equity shares on conversion of FCCBs

Tata Power Company Ltd has announced that in 1995, the Company had issued 200,000 Foreign Currency Convertible Bonds (FCCBs) of USD 1,000 each aggregating to USD 200,000,000, due on February 25, 2010, convertible into Equity Shares. The Bonds are convertible at any time on or before February 15, 2010 by the holders into Equity Shares of par value of Rs 10 each at a conversion price of Rs 590.85 per Share at a fixed rate of exchange of Rs 43.38 = USD 1.

The Company received requests for conversion of 10,952 FCCBs into Equity Shares. The Board of Directors of the Company on October 05, 2007 has allotted 8,04,088 Equity Shares of Rs 10 each to the holders of these FCCBs.

The stock was trading at Rs.906.90, down by Rs.37.20 or 3.94%. The stock hit an intraday high of Rs.972 and low of Rs.885.

The total traded quantity was 104677 compared to 2 week average of 308349.

Source : Equity Bulls

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