Gremach Infrastructure allots 766925 shares on conversion of FCCBs

Gremach Infrastructure Equipments & Projects Ltd has announced that the Board of Directors of the Company at its meeting held on December 08, 2009, inter alia, has considered, discussed and approved the resolution for allotment of pursuant to conversion notice received from the holders of FCCBs for conversion of 55,00,000 USD, the allotment of 7,66,925 equity shares of Rs. 10 each at a premium of Rs. 272.27 per share of the Company, as per the right attached to the FCCBs. Alter this conversion, the outstanding FCCBs remained at 3,629,5000 USD and the paid up capital of the Company be and is hereby increased from Rs. 37901879 to 38668804.

The stock closed the day at Rs.30.95, up by Rs.0.70 or 2.31%. The stock hit an intraday high of Rs.31.15 and low of Rs.30.

The total traded quantity was 62542 compared to 2 week average of 83953.

Source : Equity Bulls

Keywords