Essar Oil to raise US$ 300 million through FCCB issue

Essar Oil Ltd has announced that further reference to the approval given by the shareholders at the Extraordinary General Meeting held on April 22, 2010 for raising of funds by issue of ADRs/GDSs/FCCBs aggregating to an amount not exceeding US$ 1,700 million to Promoters / Promoter Group, the Company has decided on June 04, 2010 to raise upto US$ 300 million by issue of Foreign Currency Convertible Bonds (FCCBs) in one or more tranches, on preferential offer basis to Promoter Company, Essar Energy Holdings Ltd.

The stock closed the day at Rs.128.95, up by Rs.5.45 or 4.41%. The stock hit an intraday high of Rs.130.50 and low of Rs.123.30.

The total traded quantity was 2757424 compared to 2 week average of 805456.

Source : Equity Bulls

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