Electrotherm India Ltd approves allotment of 1266440 Equity Shares on conversion of PCPRPS

As per the terms of issue of 2,85,90,000 Partially Convertible Partially Redeemable Preference Shares ("PCPRPS") of Rs. 10/- each allotted to Edelweiss Asset Reconstruction Company Limited ("EARC") on August 22, 2015, being an Financial institution within the meaning of sub clauses (ia) and (ii) of clause (h) of section 2 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993, the Securities Allotment Committee of the Company at its meeting held on February 21, 2017 allotted fully paid-up 12,66,440 Equity Shares of face value Rs. 10/- each to EARC at a conversion price of Rs. 225.75 representing 9.94% of the post allotment paid-up equity capital of the Company.

Further the balance / fraction amount, if any, remaining outstanding after the said conversion of PCPRPS will continue to be part of loan by EARC.

Shares of ELECTROTHERM (INDIA) LTD. was last trading in BSE at Rs.192.3 as compared to the previous close of Rs. 188.4. The total number of shares traded during the day was 401 in over 16 trades.

The stock hit an intraday high of Rs. 206.95 and intraday low of 191.05. The net turnover during the day was Rs. 78760.

Source : Equity Bulls

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