Dolphin Offshore to convert 3495 FCCBs

Dolphin Offshore Enterprises India Ltd has announced that the Company has received Conversion Notice from Clearwater Capital Partners (Cyprus) Ltd. through The Bank of New York Mellon for converting 3495 Foreign Currency Convertible Bonds (FCCBs) of Rs. 1,000/- each. Accordingly, the Managing Committee of the Company at its meeting held on September 14, 2009 allotted 9,84,895 Equity Shares of Rs. 10/- each for a cash at a premium of Rs. 151/- by conversion of Bonds worth USD 3,495,000 (US Dollar Thirty Four Lakhs Ninety Five Thousand).

The Initial Issue of FCCBs were USD 15,000,000. Out of which First Conversion was for USD 3,000,000 and the Second conversion was for USD 3,495,000. The Balance to be converted is USD 8,505,000.

The stock closed the day at Rs.267, up by Rs.4 or 1.52%. The stock hit an intraday high of Rs.273.50 and low of Rs.261.

The total traded quantity was 12449 compared to 2 week average of 25002.

Source : Equity Bulls

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