Sintex Industries resets conversion price of bonds

Sintex Industries Ltd has announced that the Company has issued a notice dated March 12, 2010 announcing a reset of the Conversion Price of the Bonds in accordance with the terms and conditions of the Bonds. The Bonds are listed on the Singapore Exchange Securities Trading Ltd.

The Conversion Price prior to reset was Rs. 580 per Equity Share and the conversion price after reset is Rs. 493 per Equity Share. The Date from which reset shall take effect - March 12, 2010.

Due to conversion price reset, on full conversion of FCCBs the company has to issue 1,84,97,464 equity shares of Rs. 2/- each instead of 1,57,22,844 equity shares of Rs. 2/- each as per the original conversion price.

The stock closed the day at Rs.271.95, down by Rs.4.95 or 1.79%. The stock hit an intraday high of Rs.281.75 and low of Rs.267.50.

The total traded quantity was 485214 compared to 2 week average of 363047.

Source : Equity Bulls

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