Suryachakra Power approves FCCB issue

Suryachakra Power Corporation Ltd has announced that the Board of Directors of the Company at its meeting held on January 04, 2010, inter alia, have considered and approved the issue of Foreign Currency Convertible Bonds (FCCBs) for an aggregate sum not exceeding USD100 Millions to the Foreign Investors, subject to approval of the members of the Company and other statutory authorities concerned.

The Board also approved appointment of Mr. G. V. Suresh Kumar as Company Secretary and Compliance Officer of the Company and Resignation of Mr. K. Ramakanth as Company Secretary and Compliance Officer of the Company.

The stock was trading at Rs.21.95, up by Rs.0.45 or 2.09%. The stock hit an intraday high of Rs.22.30 and low of Rs.21.70.

The total traded quantity was 118669 compared to 2 week average of 283982.

Source : Equity Bulls

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