Zuari Agro Chemicals Ltd approves FCCB issue, rights issue of CCDs

The Board of directors of Zuari Agro Chemicals Ltd at its meeting held on 25th June, 2018, has considered and given its in-principal approval for the raising of funds by issue of Compulsory Convertible Debentures (CCDs) by way of a Rights Issue to the existing shareholders of the Company on a record date for an amount not exceeding Rs. 500 crores in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended. The Board has constituted a Committee of Directors to decide on the ration, price and respective matters as may be necessary.

The board also approved ssue of Foreign Currency Convertible Bonds (FCCBs) and/or any other similar securities upto Euro 32 million, on private placement basis subject to approval of the shareholders of the Company and receipt of necessary regulatory and other approvals, as may be required.

Shares of ZUARI AGRO CHEMICALS LTD. was last trading in BSE at Rs.353.65 as compared to the previous close of Rs. 365.6. The total number of shares traded during the day was 18522 in over 786 trades.

The stock hit an intraday high of Rs. 371.6 and intraday low of 351.55. The net turnover during the day was Rs. 6732388.

Source : Equity Bulls

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