Oricon Enterprises to issue 2180000 FCDs at Rs 162.20

Oricon Enterprises Ltd has announced that the Board of Directors of the Company at its meeting held on November 05, 2009, has approved the proposal for issue of 21,80,000 Fully Convertible Debentures (FCDS) at a price of Rs. 162.20 per Debenture which will be converted into equity shares of Rs. 10 each at a premium of Rs. 152.20 per equity share within 18 months from the date of allotment of FCDS, to M/s. Clearwater Capital Partners Singapore Fund III Pvt. Ltd.

The issue of FCDS as aforesaid shall be subject to approval of members at an Extra Ordinary General Meeting which is convened on November 30, 2009 and such other approvals as may be deemed necessary from the appropriate authorities.

The stock closed the day at Rs.169, down by Rs.5.20 or 2.99%. The stock hit an intraday high of Rs.177 and low of Rs.167.

The total traded quantity was 156703 compared to 2 week average of 97776.

Source : Equity Bulls

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