Grabal Alok resets conversion price of FCCBs to Rs 136

Grabal Alok Impex Ltd has announced that with reference to the unsecured Foreign Currency Convertible Bonds (FCCBs) aggregating to USD 25 million issued and allotted in March 2007. As per the terms of the Offering Circular dated March 01, 2007, the conversion price for the FCCBs aggregating to USD 20 million ("the Series B Bonds") was to get adjusted downward on the reset date in accordance with the following formula prescribed in the said Offering Circular.

Further the Company has informed that, on the Reset date, the reset clause on the conversion price has been triggered and accordingly the Conversion Price for the Series B Bonds stands revised to Rs l36/-.

The stock closed the day at Rs.94, down by Rs.3.90 or 3.98%. The stock hit an intraday high of Rs.95.50 and low of Rs.94.

The total traded quantity was 948 compared to 2 week average of 4087.

Source : Equity Bulls

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