McDowell Holdings to allot 18 lakh OCDs

The Board of Directors of McDowell Holdings Ltd at its meeting held on February 22, 2011, has proposed to issue and allot upto 18,00,000 (eighteen lakhs) 10% Optionally Convertible Debentures of Rs. 100 each to Kingfisher Finvest India Limited (Promoter Company), subject to the approval of the shareholders and such other regulatory and other approvals, as may be required.

It has also been declared to convene an Extra Ordinary General Meeting (EGM) of the Members of the Company on March 25, 2011, to seek their approval, in terms of the provisions of Section 81(1A) and other applicable provisions, if any, of the Companies Act, 1956.

The stock closed the day at Rs.99, down by Rs.2.60 or 2.56%. The stock hit an intraday high of Rs.102.90 and low of Rs.98.75.

The total traded quantity was 4236 compared to 2 week average of 7764.

Source : Equity Bulls

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