West Coast Paper Mills allots 6500000 preference shares

West Coast Paper Mills Ltd has announced that the Committee of Board of Directors have allotted on March 30, 2009, 65,00,000 (Sixty Five Lakhs) Cumulative Redeemable Non-Convertible Preference Shares ("the CRNCPS) of a face value of Rs 100/- each amounting to Rs 65,00,00,000/- (Rupees Sixty Five Crores only) to IFCI Ltd., New Delhi, on private placement basis.

The CRNCPS will carry a coupon rate of 8.5% p.a. and will be redeemable at the end of 5 years i.e., on March 29, 2014. However, the Company has an option to redeem the CRNCPS in full or part after one year from the date of allotment.

The stock closed the day at Rs.36.80, down by Rs.0.70 or 1.87%. The stock hit an intraday high of Rs.38 and low of Rs.36.50.

The total traded quantity was 3938 compared to 2 week average of 12972.

Source : Equity Bulls

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