Trent to issue CCPS through Rights Issue

Trent Ltd has announced that the Board of Directors of the Company at its meeting held on June 14, 2010, deliberated regarding the terms of the proposed Rights Issue of Cumulative Compulsorily Convertible Preference Shares (CCPS) and have approved the issue of 4 CCPS (comprising of 2 Series A CCPS and 2 Series B CCPS) for every 9 equity shares held on the Record Date.

Each Series A and Series B CCPS are to be issued at Rs. 550 (including a premium of Rs. 540 per CCPS).

Each Series A CCPS to be automatically and compulsorily converted into one Equity share on September 01, 2011.

Each Series B CCPS to be automatically and compulsorily converted into one Equity share on September 01, 2012. Until conversion, both Series A and Series B CCPS will carry a nominal dividend of 0.1% p.a. on the Face Value of Rs. 10 each.

The Rights entitlement to Series A and Series B CCPS are required to be exercised together. The Record Date for the above issue would be announced in due course.

The stock was trading at Rs.915.80, up by Rs.40.35 or 4.61%. The stock hit an intraday high of Rs.924.40 and low of Rs.870.

The total traded quantity was 57783 compared to 2 week average of 3963.

Source : Equity Bulls

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