Patel Engineering Ltd approves issue of OCDs upto Rs. 1240 crores

The Board of Directors of Patel Engineering Ltd in their board meeting held on October 5, 2017 have considered and approved the offer and issue of Optionally Convertible Debentures (OCDs) upto Rs. 1240 crores on preferential basis / private placement to the lenders of the company by conversion of unsustainable debt as per the applicable laws and extant regulations under scheme for S4A and subject to necessary approvals as may be required.

The Board approved raising of funds upto Rs. 300 crores by way of rights issue of equity shares with or without warrants, subject to the approval of relevant authorities.

The Board also approved proposal to obtain approval of shareholders for offer and issue of OCDs by way of postal ballot.

The board meeting commenced at 10AM and concluded at 3PM.

Shares of PATEL ENGINEERING LTD. was last trading in BSE at Rs.77.7 as compared to the previous close of Rs. 79.15. The total number of shares traded during the day was 47295 in over 417 trades.

The stock hit an intraday high of Rs. 80 and intraday low of 77.1. The net turnover during the day was Rs. 3698486.

Source : Equity Bulls

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