Glenmark Pharmaceuticals approves conversion of FCCBs to 43,123 shares

Glenmark Pharmaceuticals Ltd has announced that the meeting of the Operations Committee Board of Directors of the Company held on May 10, 2007, the Committee has approved conversion of Zero Coupon Foreign Currency Convertible Bonds amounting to US$ 500,000 into 43,123 Equity Shares at a price of Rs 506.22 per share of face value Rs 2/- each out of US$ 50,000,000 Zero Coupon Foreign Currency Convertible Bonds issued in 2005.

The stock closed the day at Rs.634.60, down by Rs.2.80 or 0.44%. The stock hit an intraday high of Rs.648 and low of Rs.626.50. The total traded quantity was 115163 compared to 2 week average of 140397.

Source : Equity Bulls

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