Pioneer Embroideries allots 326305 shares under FCCB Conversion

Pioneer Embroideries Ltd has announced that the Company has received Notice from Morgan Stanley Mauritius Company Ltd. As per the notice they have intimated the Company for conversion of FCCBS to the extent of US $7.5 Lacs in to Equity Shares. The Company in its Board meeting held on April 14, 2010, has allotted 326,305 Equity Shares of Rs 10/- each to Morgan Stanley Mauritius Company Ltd at the Conversion price of Rs 101.50 per share against the conversion of FCCBS. The Conversion rate as per FCCBs terms and conditions 1US$ = Rs 44.16.

The stock was trading at Rs.23.30, up by Rs.2.10 or 9.91%. The stock hit an intraday high of Rs.23.30 and low of Rs.22.50.

The total traded quantity was 113024 compared to 2 week average of 34899.

Source : Equity Bulls

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