Max India approves allotment of 6019925 CCDs

Max India Ltd has announced that the Board of Directors of the Company at its meeting held on March 11, 2010, has approved allotment of 6,019,925 (Six million Nineteen thousand Nine hundred and Twenty five) 12% Compulsorily Convertible Debentures of Rs. 867/- each ("CCDs") of the Company to Goldman Sachs Capital Partners through its wholly owned subsidiary Xenok Ltd., for an aggregate consideration of Rs. 5,219,274,975/- (approx US $ 115 million). Subject to any applicable adjustments, each CCD will be compulsorily converted into four equity shares of Rs. 2/- each at a premium of Rs. 214.75 per equity share on or before 15 (fifteen) months from the date of allotment.

The stock was trading at Rs.196.25, down by Rs.3.15 or 1.58%. The stock hit an intraday high of Rs.201.60 and low of Rs.195.55.

The total traded quantity was 451240 compared to 2 week average of 176368.

Source : Equity Bulls

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