Rei Agro to issue FCCBs worth $100 million

Rei Agro Ltd has announced that the Board of Directors of the Company at its meeting held on October 23, 2009, has approved the issue of Foreign Currency Convertible Bonds ("FCCBs") to eligible investors up to USD 100 Million, with a green shoe option of USD 12.5 Million ("FCCB Issue").

The Board approved constitution of a FCCB Committee comprising Mr. Sandip Jhunjhunwala, Managing Director and Mr. Mandan Mishra, Company Secretary of the Company (the "Committee") to finalize the offering circular for the FCCB Issue and to take any other decisions in relation to the FCCB Issue, including allotment of equity shares as may be required to be issued upon conversion of the FCCBs.

The Board approved opening of the FCCB Issue with the relevant date (for the purpose of determining minimum price at which the equity shares of the Company will be issued pursuant to the conversion of the FCCBs), being the date of this board meeting i.e. October 23, 2009.

The stock closed the day at Rs.47.85, up by Rs.0.65 or 1.38%. The stock hit an intraday high of Rs.48.45 and low of Rs.47.55.

The total traded quantity was 343295 compared to 2 week average of 425157.

Source : Equity Bulls

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