Tamilnadu Jai Bharath Mills to seek approval for issue of FCDs

Tamilnadu Jai Bharath Mills Ltd has announced that the Board of Directors of the Company at its meeting held on December 01, 2010, has decided to seek prior approval of SEBI for the proposal to issue unsecured fully convertible debentures (Private Placement) for Rs. 10 Crors carrying interest at 12.5% per annum for a tenure of 18 months by part conversion of inter corporate loan advanced by M/s. Shri Ramalinga Mills Ltd., the main promoters of the Company.

The stock closed the day at Rs.11.80, up by Rs.0.50 or 4.42%. The stock hit an intraday high of Rs.11.80 and low of Rs.10.75.

The total traded quantity was 1900 compared to 2 week average of 2722.

Source : Equity Bulls

Keywords