Grabal Alok allots 650000 shares on conversion of FCCBs

Grabal Alok Impex Ltd has announced with reference to issue of 2.50% - 400 unsecured Foreign Currency Convertible Bonds (FCCBs) of the face value of USD 25000 each aggregating to USD 10.00 million issued and allotted in March 2005.

We have received a notice for conversion of 26 FCCBs of USD 25000 aggregating to USD 0.65 million into equity shares. In terms of the Offering Circular dated March 30, 2005, the Company has at the meeting of the Executive Committee of the Board of Directors held on March 03, 2010, issued and allotted 6,50,000 equity shares of the face value of Rs. 10/- each for cash at a premium of Rs. 33.75 per share as an outcome of the said conversion. By virtue of the aforesaid conversion, the number and amount of outstanding FCCBs stands at 40 and USD 1.00 million respectively.

Further the Company has informed that, by virtue of conversion of the above referred FCCBs into equity, the paid up equity share capital of the Company has increased from 2,18,35,000 equity shares of the face value of Rs. 10/- each to 2,24,85,000 equity shares of the face value of Rs. 10/- each.

The stock was trading at Rs.56.70, up by Rs.0.60 or 1.07%. The stock hit an intraday high of Rs.56.95 and low of Rs.55.20.

The total traded quantity was 1918 compared to 2 week average of 3126.

Source : Equity Bulls

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