Panasonic Appliances India Company to issue 289000 CCDs at Rs.125

The Board of Directors of Panasonic Appliances India Company Ltd at its meeting held on August 30, 2012, has approved the proposal to create, issue and allot up to 2,89,000 Zero Coupon Compulsorily Convertible Debentures (CCD) of face value Rs. 125/- to Panasonic Corporation, foreign promoter of the Company on a preferential basis where each CCD is convertible into one equity share of the Company of face value Rs.10/- at a premium of Rs.115/- per share within a period of 18 months from the date of allotment. This is subject to the approval of members.

The Board approved appointment of Mr. Ajit G Nambiar as an Additional Director on the Board with effect from August 30, 2012 and also proposal to shift the Corporate Office of the Company to a new location.

The Panasonic Appliances India Company Ltd stock was trading at Rs.87, up by Rs.4.15 or 5.01%. The stock hit an intraday high of Rs.87.25 and low of Rs.82.80.

The total traded quantity was 433 compared to 2 week average of 1356.

Source : Equity Bulls

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