Grabal Alok converts 8 FCCBs

Grabal Alok Impex Ltd has announced that with reference to issue of 2.50% - 400 unsecured Foreign Currency Convertible Bonds (FCCBs) of the face value of USD 25000 each aggregating to USD 10.00 million issued and allotted in March 2005, the Company have received a notice for conversion of 8 FCCBs of USD 25000 aggregating to USD 0.20 million into equity shares. In terms of the Offering Circular dated March 30, 2005, the Company has at the meeting of the Executive Committee of the Board of Directors held on June 05, 2008, issued and allotted 2,00,000 equity shares of the face value of Rs 10/- each for cash at a premium of Rs 33.75 per share as an outcome of the said conversion By virtue of the aforesaid conversion, the number and amount of outstanding FCCBs stands at 66 and USD 1.65 million respectively.

By virtue of conversion of the above referred FCCBs into equity, the paid up equity share capital of the Company has increased from 2,16,35,000 equity shares of the face value of Rs 10/- each to 2,18,35,000 equity shares of the face value of Rs l0/- each.

The stock closed the day at Rs.113.30, down by Rs.1.65 or 1.44%. The stock hit an intraday high of Rs.118.85 and low of Rs.108.20.

The total traded quantity was 107282 compared to 2 week average of 72152.

Source : Equity Bulls

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