Mounteverest Trading to issue 1,750,000 FCDs

Mounteverest Trading & Investment Ltd has announced that the Board of Directors at its meeting held on August 13, 2009 have passed a resolution authorizing the issue of upto 1,750,000 Fully Convertible Debentures (FCD) to non promoter entity with the right to apply, upon conversion, for an aggregate of 1,750,000 equity shares of Rs 10/- each after adjusting the amount paid-up in respect of each FCD. The price of FCD is fixed at Rs 300/- which is greater than the price to be calculated as per SEBI Guidelines of Preferential Issues (Chapter XIII of the SEBI (Disclosure and Investor Protection) Guidelines, 2000) and exercisable within a period of 18 months from the date of allotment, subject to the approval of the Members at an Extra-ordinary General Meeting scheduled to be held on September 12, 2009.

The Board will convene an Extra-ordinary General Meeting of the Shareholders of the Company on September 12, 2009 for getting necessary approvals under Section 81 (1A) and other applicable provisions of the Companies Act, 1956, SEBI Regulations/Guidelines and other applicable Acts.

The stock was trading at Rs.358.85, up by Rs.17.05 or 4.99%. The stock hit an intraday high of Rs.358.85 and low of Rs.358.85.

The total traded quantity was 3047 compared to 2 week average of 2171.

Source : Equity Bulls

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