Panchmahal Steel allots 3.31 lakh shares to LIC

The Board of Panchmahal Steel Converted 44,50,000 Secured Fully Convertible Debentures of the face value of Rs. 10/ each held by Life insurance Corporation of India (LIC) and on such conversion issued and allotted 3,31,000 Equity Shares of Rs. 10 each as fully paid-up at a share premium of Rs. 152.75 per share aggregating to Rs. 5,38,70,250/- to Life Insurance Corporation of India (LIC).



The paid-up capital of the Company was Rs. 17,99,70,000/- which on such conversion, has Increased to Rs. 18,32,80,000/- divided into 1,83,28,000 fully paid-up equity shares of Rs. 10/ each.



The Board issued and allotted 14 Nos. of 5% Secured Non-Convertible Debentures - Series 2 (NCDs - Series 2) of the face value of Rs. 1,00,000/- each of the aggregate nominal value of Rs. 14,00,000/- to Life Insurance Corporation of India (LIC).



The aforesaid conversion of Fully Convertible Debentures (FCDs) held by Life Insurance Corporation of India (LIC) 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.155, up by Rs.5 or 3.33%. The stock hit an intraday high of Rs.155 and low of Rs.155.

The total traded quantity was 10 compared to 2 week average of 506.

Source : Equity Bulls

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