IFCI fixes conversion price as Rs 107 for ZCOCDs

IFCI Ltd has announced that the Committee of Directors (CoD) [constituted for the purpose of conversion of Zero Coupons Optionally Convertible Debentures (ZCOCDs) held by Public Sector Banks and Financial Institutions into Equity shares] at its meeting held on December 17, 2007 has decided to issue 12,37,37,735 nos (Twelve crores, thirty seven lacs, thirty seven thousand, seven hundred and thirty five only) of Equity Shares to the Public Sector Banks and Financial Institutions @ of Rs 107/- per share (including premium of Rs 97/- per share) upon conversion of ZCOCDs of Rs 1323.99 crores.

The stock closed the day at Rs.101.10, down by Rs.7.30 or 6.73%. The stock hit an intraday high of Rs.106.70 and low of Rs.97.40.

The total traded quantity was 35713599 compared to 2 week average of 20990441.

Source : Equity Bulls

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