Blue Coast Hotels to convert 40 lakh CRPS to equity shares

Blue Coast Hotels & Resorts Ltd has announced that the Board of Directors of the Company at its meeting held on August 28, 2009, inter alia, has taken a decision to convert 40,00,000 (Forty Lacs) 1% Cumulative Redeemable Preference Shares of Rs. 100 (Rs. One Hundred) each aggregating to Rs. 40.00 Crores (Rs. Forty Crore) into Equity Shares of Rs. 10/- (Rs. Ten) each, pursuant to the specific directions of Corporate Debt Restructuring Empowered Group (CDR - EG) in terms of the Debt Restructuring Package approved for the Company under the CDR Mechanism, at a conversion price determined in accordance with the SEBI (DIP) Guidelines, 2000.

The stock last traded on August 26, 2009 at Rs.97, down by Rs.4 or 3.96%. The stock hit an intraday high of Rs.101 and low of Rs.97.

The total traded quantity was 152 compared to 2 week average of 203.

Source : Equity Bulls

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