Glenmark Pharmaceuticals approves conversion of FCCBs

Glenmark Pharmaceuticals Ltd has announced that the meeting of Operations Committee Board of Directors of the Company held on April 20, 2007, the Committee has approved conversion of Zero Coupon Foreign Currency Convertible Bonds amounting to US$ 2,000,000 into 202,506 Equity Shares at a price of Rs 431.197 per share of face value Rs 2/- each out of US $ 20,00,000 Zero Coupon Foreign Currency Convertible Bonds issued in 2005.

The stock closed the day at Rs.681.10, up by Re.0.45 or 0.07%. The stock hit an intraday high of Rs.690 and low of Rs.598. The total traded quantity was 169430 shares compared to 2 week average of 217672.

Source : Equity Bulls

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