Hotel Leelaventure revises FCCB conversion price to rs 72

Hotel Leelaventure Ltd has announced that the Company had issued Foreign Currency Convertible Bonds (FCCB) vide its offering circular dated April 19, 2007 aggregating US $ 100,000,000 zero percent Convertible Bonds due 2012 and it provides for a Conversion Price Reset on April 24, 2008 based on the pre fixed criteria.

Accordingly as on the Reset date of April 24, 2008 in terms of the Offering Circular, the "RESET price" has been fixed at 80% of the initial conversion price at maximum downward fixation of INR Rs 72/- (Rupees Seventy Two Only) per share inclusive of Rs 70/- premium per share. The fixed Exchange Rate to be applied for conversion is Rs 41.9450 = U.S. $ 1.00.

The stock closed the day at Rs.51.25, up by Rs.2.85 or 5.89%. The stock hit an intraday high of Rs.51.80 and low of Rs.48.25.

The total traded quantity was 2270573 compared to 2 week average of 1220863.

Source : Equity Bulls

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