IKF Finance converts FCDs to equity shares

IKF Finance Ltd has announced that the Board of Directors of the Company at its meeting held on June 05, 2009, inter alia, has converted 61,14,665 Fully Convertible Debentures (FCDs) of Rs 10/- each, allotted with a Premium of Rs 3/- per FCD during December 2007 on Preferential basis into Equity Shares of Rs 10/- each.

The Board has further resolved to offer, issue and allot 60,00,000 Fully Convertible Debentures (FCDs) of Rs 10/- each with a Premium of Rs 3/- per FCD with a coupon rate of 12.00%, convertible into 60,00,000 Equity Shares of Rs 10/- each, to the resident and non resident Indians including Promoters on Preferential basis subject to the approval of shareholders of the company.

The stock closed the day at Rs.10.50, down by Rs.1.45 or 12.13%. The stock hit an intraday high of Rs.12.25 and low of Rs.10.50.

The total traded quantity was 4855 compared to 2 week average of 22867.

Source : Equity Bulls

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