Lanco Infratech Ltd approves issue of CCDs

The Board of Directors of Lanco Infratech Ltd at its Board Meeting held on December 30, 2015 has approved the issuance of Compulsorily Convertible Debentures (CCDs) of face value of Rs. 10 each at par, on preferential basis to IDFC Bank Limited, subject to the necessary approvals.

The total number of securities proposed to be issued or the total amount for which the securities will be issued (approximately) will not be exceeding Rs. 350 crores.

Each CCD will be converted into equity shares of Rs. 1 each at the end of 12 months from the date of allotment of CCDs. The conversion price shall not be lesser than the price prescribed under the SEBI (ICDR) Regulations.

Shares of LANCO INFRATECH LTD. was last trading in BSE at Rs.6.18 as compared to the previous close of Rs. 6.31. The total number of shares traded during the day was 966809 in over 2036 trades.

The stock hit an intraday high of Rs. 6.37 and intraday low of 6.17. The net turnover during the day was Rs. 6056672.

Source : Equity Bulls

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