Glenmark Pharmaceuticals approves conversion of FCCBs into shares

Glenmark Pharmaceuticals Ltd has announced that the meeting of Operations Committee Board of Directors of the Company held on held on April 30, 2007, has approved conversion of Zero Coupon Foreign Currency Convertible Bonds amounting to US $ 2,500,000 into 253,132 Equity shares at a price of Rs 431.197 per share of face value Rs 2/- each out of US $ 20,000,000 Zero Coupon Foreign currency Convertible Bonds issued in 2005.

The stock closed the day at Rs.653.80, down by Rs.14.50 or 2.17%. The stock hit an intraday high of Rs.673.80 and low of Rs.648.30. The total traded quantity was 89639 shares compared to 2 week average of 226545.

Source : Equity Bulls

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