Simbhaoli Sugars refixes FCCB conversion price

Simbhaoli Sugars Ltd has announced that the Board of Directors of the Company at its meeting held on March 31, 2008, inter alia, has refixed the conversion price to Rs 153/- from Rs 170/- per equity share of Rs 10/- each for conversion of 0% Foreign Currency Convertible Bonds (FCCB) issued on March 10, 2006 (due on March 11, 2011) with effect from reset date March 10, 2008 in accordance with the subscription agreement entered into with the bond holders.

The Company has issued and allotted 7,46,000 equity shares of Rs 10/- each to M/s. Dholadhar Investments Pvt Ltd, a warrant holder against conversion of 7,46,000 warrants at an exercise price of Rs 42.55/- per equity share (including premium of Rs 32.55 per equity share) in accordance with the provisions of SEBI (Disclosure & Investor Protection) Guidelines, 2000 for preferential issue.

The Stock closed the day at Rs.32.35, up by Rs.1.50 or 4.86%. The stock hit an intraday high of Rs.32.35 and low of Rs.32.35.

The total traded quantity was 10301 compared to 2 week average of 35473.

Source : Equity Bulls

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