Essar Oil allots $147 million worth FCCBs

Essar Oil Ltd has announced that the Company on July 09, 2010 has issued second tranche of Foreign Currency Convertible Bonds due September, 2028 (FCCBs) aggregating to US$147 million to Promoter Company, Essar Energy Holdings Ltd. for part financing expansion programmes of the Company. The FCCBs are convertible into Global Depository Shares (GDSs) or equity shares of the Company, at the option of the Bondholders, at a conversion price of Rs. 153 per share.

The stock closed the day at Rs.143.30, up by Rs.2.95 or 2.10%. The stock hit an intraday high of Rs.144.40 and low of Rs.140.35.

The total traded quantity was 1499984 compared to 2 week average of 1728793.

Source : Equity Bulls

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