Kalpena Industries approves issue of CCDs

Kalpena Industries Ltd has announced that the Board of Directors of the Company at its meeting held on March 27, 2009, inter alia, has approved the issue of 9,50,000 (Nine Lac Fifty Thousand) Compulsory Convertible Debentures (CCDs) to 'Banyan Tree Growth Capital' and 'Financierings Maatschappij voor Ontwikkelingslanden NV', (hereinafter investors) two private equity funds (Institution) at an offer price not exceeding INR 97/- per CCD, convertible into one equity share of Rs 10/- each, subject to the approval of the Shareholders of the Company in the ensuing General Meeting, in principle approval of the Stock Exchanges in this regard and other issue related guidelines framed by Securities and Exchanges Board of India and subject to the provisions of Foreign Exchanges Management Act, 1999 and ruled framed there under with regards to issue and pricing of CCD and guidelines issued by the Reserve Bank of India in this regard.

The Board gave its nod to change the Articles of Association of the Company pursuant to agreement(s) to be entered between the Company and investors in connection with issue of Convertible Debentures as above.

The Board approved the notice to call an extra general meeting of the members of the Company on April 27, 2009 to approve the issue of Convertible Debentures and change in the Articles of Association as stated in clause (1) and (2) above.

The stock was trading at Rs.50.55, down by Rs.1.45 or 2.79%. The stock hit an intraday high of Rs.51.95 and low of Rs.50.50.

The total traded quantity was 288 compared to 2 week average of 6657.

Source : Equity Bulls

Keywords