Asian Hotels (North) converts FCPS

Asian Hotels (North) Ltd has announced that the Board of Directors of the Company at its meeting held on December 26, 2010, considered conversion of 6259255 1% Fully Convertible Preference Shares of Rs. 10/- (FCPS) each issued at a premium of Rs. 530/- per FCPS, into the Equity shares of the Company in terms of Clause 5.3.1 of the Scheme of Arrangement and De-merger sanctioned by the Hon'ble High Court of Delhi vide its Order dated January 13, 2010. The Equity shares were converted at the conversion price of Rs. 419.80 per share, as calculated in terms of the mechanism provided in the Scheme. Consequently, such conversion resulted into issuance of 8051447 equity shares of Rs. 10/- each credited as fully paid-up.

Further, the Company has announced that, the Board appointed Mr. Adarsh Jatia as Joint Managing Director of the Company w.e.f. January 01, 2011, for a period of five years, subject however, to the requisite approvals under the Companies Act, 1956.

The stock was trading at Rs.274.95, up by Rs.3.95 or 1.46%. The stock hit an intraday high of Rs.278.90 and low of Rs.270.

The total traded quantity was 832 compared to 2 week average of 14595.

Source : Equity Bulls

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