South Asian Petrochem resets conversion Price of FCCBs to Rs 17.01

South Asian Petrochem Ltd has announced with reference to the issue and allotment of equity shares to be allotted towards the issue of Foreign Currency Convertible Bonds (FCCB) for an aggregate amount of upto USD 20 million or equivalent thereof, that as per the Condition 4.6 of the Offering Circular dated January 16, 2008 for the issue of the abovementioned bonds the initial conversion price of the bonds was INR 22.50 per share. However, as per Condition 5.29 of the Offering Circular a price reset on November 30, 2008 was to be done. (Since November 30, 2008 was a Sunday, price reset was done on December 01, 2008).

Accordingly the Conversion Price has been reset at INR 17.01 per share.

The stock was trading at Rs.7.25, up by Rs.0.25 or 3.57%. The stock hit an intraday high of Rs.7.49 and low of Rs.7.20.

The total traded quantity was 25062 compared to 2 week average of 19931.

Source : Equity Bulls

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