Pokarna resets FCCB conversion price

Pokarna Ltd has announced that in terms of Terms and Conditions governing the issuance of US$12,000,000 Zero Coupon Foreign Currency Convertible Bonds (FCCB's) due 2012 read with the Trust Deed dated March 28, 2007 between the Company and BoNY, the Company hereby notify that effective March 28, 2009 onwards the conversion price has been reset. The reset conversion price of the FCCB shall be Indian Rupees 236.51 only (Two Hundred and Thirty Six Rupees and Fifty One Paise Only). Accordingly the number of equity shares to be issued upon conversion of the FCCB would be 18637.689 equity shares for each FCCB of U.S.$ 100,000.

The stock closed the day at Rs.33, up by Rs.5.50 or 20%. The stock hit an intraday high of Rs.33 and low of Rs.29.75.

The total traded quantity was 5782 compared to 2 week average of 2878.

Source : Equity Bulls

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