Sintex Industries allots USD 140 million 7.5% step down FCCBs

Pursuant to the resolution passed by the Security Issue and Allotment Committee on November 28, 2012, Sintex Industries Ltd has allotted USD 140 million 7.5 per cent Step Down Foreign Currency Convertible Bonds due 2017, convertible into fully paid up equity shares of the Company at Rs. 75.60 each (or such revised conversion price in accordance with the terms and conditions of the FCCBs and applicable laws) ("FCCBs").

The FCCBs will be listed on the Singapore Exchange Securities Trading Limited and are being utilised towards redemption or prepayment of the foreign currency convertible bonds Issued in 2008.

The Sintex Industries Ltd stock was trading at Rs.62.90, up by Rs.1.25 or 2.03%. The stock hit an intraday high of Rs.63.85 and low of Rs.61.70.

The total traded quantity was 4.45 lakhs compared to 2 week average of 7.75 lakhs.

Source : Equity Bulls

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