Panchmahal Steel converts 53880000 FCDs

Panchmahal Steel Ltd has announced that the Board of Directors of the Company at its meeting held on March 27, 2010, have converted 5,38,80,000 Secured Fully Convertible Debentures of the face value of Rs. 10/- each held by Asset Reconstruction Company (India) Ltd. and on such conversion issued and allotted 40,07,700 Equity Shares of Rs. 10/- each as fully paid-up at a share premium of Rs. 152.75 per share aggregating to Rs. 65,22,53,175/- to Asset Reconstruction Company (India) Ltd.

The paid-up capital of the Company was Rs. 13,98,93,000/- which on such conversion, has increased to Rs. 17,99,70,000/- divided into 1,79,97,000 fully paid-up equity shares of Rs. 10/- each.

The Board issued and allotted 170 Nos. of 5% Secured Non-Convertible Debentures - Series 2 (NCDS - Series 2) of the face vale of Rs. 1,00,000/- each of the aggregate nominal value of Rs. 1,70,00,000/- to Asset Reconstruction Company (India) Ltd.

The aforesaid conversion of Fully Convertible Debentures (FCDs) held by Asset Reconstruction Company (India) Ltd. into equity shares and 5% Secured NCDs - Series 2 has been made in accordance with the terms of sanctioned Scheme of Compromise and/or Arrangement.

The stock was trading at Rs.165, up by Rs.4.25 or 2.64%. The stock hit an intraday high of Rs.168 and low of Rs.152.75.

The total traded quantity was 90 compared to 2 week average of 311.

Source : Equity Bulls

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