Hotel Leelaventure resets FCCB conversion price at Rs 46.65

Hotel Leelaventure Ltd has announced that the Company had issued Foreign Currency Convertible Bonds (FCCB) vide its Offering Circular dated September 13, 2005 for issue of 60,000,000, 1 percent Euro Convertible Bonds due 2010 and the said Offering Circular provides for a Conversion Price Reset on 30th September each year based on a fixed criteria.

Based on the said conversion criteria, the Reset price has been fixed at Rs 46.65 per share. The said conversion price will be valid for a period of one year ending on September 29, 2009. The fixed Exchange Rate to be applied for conversion is Rs 54.33 = Euro 1.00.

As of date, the outstanding Euro Bands aggregate to Euro 51.40 million.

The stock closed the day at Rs.27.20, down by Rs.0.65 or 2.33%. The stock hit an intraday high of Rs.28.90 and low of Rs.26.75. The total traded quantity was 579322 compared to 2 week average of 580660.

Source : Equity Bulls

Keywords