Kamat Hotels updates on FCCB conversion

The Board of Directors of Kamat Hotels (India) Ltd at its meeting held on December 13, 2011, has decided to cause a written notice (Company Mandatory Conversion Notice) dated December 13, 2011 to all the concerned parties specifying the Company Mandatory Conversion Date as January 30, 2012 to exercise the Company Mandatory Conversion Right to convert entire outstanding 5966 Foreign Currency Convertible Bonds of US $ 5.966 million into 19,54,196 equity shares of Rs. 10/- each fully paid up in the capital of the Company as agreed under the Supplemental Trust Deed dated August 13, 2010.

The stock closed the day at Rs.90.55, down by Rs.3.25 or 3.46%. The stock hit an intraday high of Rs.95.80 and low of Rs.90.55.

The total traded quantity was 4974 compared to 2 week average of 7978.

Source : Equity Bulls

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