IFCI to propose conversion of Debentures to Equity

IFCI Ltd has announced that the Board of Directors of the Company at its meeting held on October 15, 2007, has decided to give a proposal to the holders of 0% optionally convertible debentures to convert a part op their outstanding into equity as per SEBI Guidelines on pricing of preferential allotment and the balance outstanding may carry concessional rate of interest linked to G-sec.

The stock closed the day at Rs.88.15, up by Rs.3.50 or 4.13%. The stock hit an intraday high of Rs.89.30 and low of Rs.84.

The total traded quantity was 10314031 compared to 2 week average of 17522331.

Source : Equity Bulls

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