Mahindra & Mahindra allots 9395974 Shares

Mahindra & Mahindra Ltd has announced that the Company on January 27, 2010 has allotted 93,95,974 Ordinary (Equity) Shares of Rs. 10 each to Golboot Holdings Ltd. at a premium of Rs. 735 per Share, making in the aggregate a total price of Rs. 745 per Share upon compulsory conversion of 93,95,974, 9.25% p.a. Unsecured Fully and Compulsorily Convertible Debentures of Rs. 745 each (FCDs) issued on Preferential Basis.

The issuance of the said FCDs was approved by the Members of the Company on June 07, 2008 by way of a Postal Ballot. The conversion price of Rs. 745 per Share represented a premium of over 6% of the price arrived at in accordance with the Chapter XIII of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000, then in force.

The aforesaid 93,95,974 Ordinary (Equity) Shares rank pari passu in an respects with the existing Ordinary (Equity) Shares of the Company.

The stock closed the day at Rs.1011.90, down by Rs.60.45 or 5.64%. The stock hit an intraday high of Rs.1072.40 and low of Rs.995.

The total traded quantity was 594083 compared to 2 week average of 195709.

Source : Equity Bulls

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