IOL Chemicals to raise $5 million

IOL Chemicals & Pharmaceuticals Ltd has announced that the Board of Directors of the Company at its meeting held on May 15, 2010, have approved the issue of US$ 5 million, Zero Coupon Unsecured Foreign Currency Convertible Bonds (subject to an Option to issue an additional US$10 million of such bonds) in the International Market and authorized the Committee of the Board to do all acts including to fix the date of opening and closing of the issue of abovesaid securities.

The Board also approved increase in the authorized share capital of the Company from Rs. 35 crore to Rs. 45 crore, subject to the approval of shareholders.

The stock was trading at Rs.64.30, down by Rs.2.30 or 3.45%. The stock hit an intraday high of Rs.66.90 and low of Rs.64.30.

The total traded quantity was 9929 compared to 2 week average of 51054.

Source : Equity Bulls

Keywords