Shree Digvijay Cement Company's CCPS lapses

Shree Digvijay Cement Company Ltd has announced that Cimpor Inversiones S.A., the promoter of the Company has informed the Company that it wishes to not to exercise its right to convert 6% 8700000 Non-cumulative preference shares ("CCPS") of Rs. 100 each, which are compulsorily convertible into 87000000 equity shares of Rs. 10 each of the Company. The right of Cimpor Inversiones S.A. to exercise its conversion right in respect of such CCPS is due to lapse on September 08, 2010. The Board of Directors of the Company, in their meeting held on September 02, 2010 has therefore resolved that the said number of 8700000 CCPS shall have lapsed.

The stock was trading at Rs.14.80, down by Rs.0.65 or 4.21%. The stock hit an intraday high of Rs.16.70 and low of Rs.14.60.

The total traded quantity was 4.76 lakhs compared to 2 week average of 1.41 lakhs.

Source : Equity Bulls

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