JK Paper to issue FCCBs upto 35 million Euros

The Board of Directors of JK Paper Ltd at its meeting held on April 09, 2011, have decided to issue unsecured Foreign Currency Convertible Bonds (FCCBs) up to an amount in the aggregate not exceeding Euro 35 Million (approximately Rs. 225 crores) on a private placement basis to FMO, DEG and PROPARCO at an Initial Conversion Price of Rs. 65/- per equity share of Rs. 10/- each, subject to adjustments which are usual for FCCBs.

The FCCBs are convertible into Equity Shares anytime after 3.5 years from date of issue. If FCCBs are not converted, they are repayable between 5th & 7th years from date of issue.

The stock was trading at Rs.57.15, down by Rs.0.20 or 0.35%. The stock hit an intraday high of Rs.59.70 and low of Rs.56.

The total traded quantity was 1.86 lakhs compared to 2 week average of 3.21 lakhs.

Source : Equity Bulls

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