Allcargo Global Logistics to issue shares to Blackstone Group

Allcargo Global Logistics Ltd has announced that the Board of Directors of the Company at its meeting held on September 29, 2009, inter-alia, has considered and approved the Issue and Allotment of 1,081,081 Equity Shares of Rs.10 each at a premium of Rs. 924 per Equity Share to Blackstone Entities (Investors) on conversion of Fully and Compulsorily Convertible Debentures (FCCDs) of Rs. 934 each, which were issued on Preferential basis.

With the aforesaid allotment of Equity Shares, the total paid up share capital of the Company has increased from Rs. 223,676,580 divided into 22,367,658 Equity Shares of Rs 10 each fully paid to Rs. 234,487,390 divided into 23,448,739 Equity Shares of Rs 10 each fully paid. The Equity Shares so allotted shall rank pari-passu in all respect with the existing Equity Shares of the Company including dividend entitlement.

The Board also approvedSub-division (Stock split) of the Face Value of Equity Shares of the Company from Rs. 10/- per Equity Share to Rs. 2/- per Equity Share, subject to obtaining shareholders approval through Postal Ballot.

The stock closed the day at Rs.830, down by Rs.23.25 or 2.72%. The stock hit an intraday high of Rs.855.50 and low of Rs.830.

The total traded quantity was 8206 compared to 2 week average of 15861.

Source : Equity Bulls

Keywords