Advanta India launches US$ 50 Million Foreign Currency Convertible Bonds

The Issue and Allotment Committee of Advanta India Ltd, ("Committee"), authorized the launch of the offering of unsecured foreign currency Convertible Bonds aggregating to US$ 50 Million, ("FCCBs"), on June 30, 2011.

The Committee has adopted the floor price in respect of the conversion of the FCCBs, based on the pricing formula as prescribed by the Ministry of Finance, Government of India, pursuant to its circular dated November 27, 2008, amending the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993, ("Notification"), is Rs. 257.13 per equity share of Rs. 10/-each of the Company, ("Equity Share"), and the relevant date for this purpose, in terms of the Notification, is June 30, 2011.

The stock was trading at Rs.256.70, up by Rs.5.10 or 2.03%. The stock hit an intraday high of Rs.263.90 and low of Rs.253.15.

The total traded quantity was 1.34 lakhs compared to 2 week average of 2.14 lakhs.

Source : Equity Bulls

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