Prakash Industries Launches FCCBs Issue

Prakash Industries Ltd has announced that with reference to the recommendation of the Board of Directors of the Company at its meeting held on July 04, 2009 and as approved by the shareholders at the Annual General Meeting of the Company held on August 01, 2009 to issue of FCCBs / ADRs / GDRs / Equity Shares or any other securities convertible into Equity Shares for an amount not exceeding Rs. 500 crores. Accordingly, the Company had in the month of October 2009, issued FCCBs aggregating to Rs. 233 crores. The Board of Directors of the Company in their meeting held on April 23, 2010 has now approved the issue of Foreign Currency Convertible Bonds "FCCBs" to be listed on the Singapore Exchange Securities Trading Ltd. for the balance amount upto Rs. 267 crores or its equivalent in US Dollars and has decided to open the issue on April 26, 2010.

Elara Capital PLC, London is the Sole Lead Manager and Book Runner for the issue.

The stock was trading at Rs.219.45, up by Rs.0.15 or 0.07%. The stock hit an intraday high of Rs.228.30 and low of Rs.218.30.

The total traded quantity was 758592 compared to 2 week average of 197943.

Source : Equity Bulls

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