Alok Industries allots 684838 equity shares on conversion of FCCBs

Alok Industries Ltd has announced that, on October 26, 2007 the Company received a conversion notice from its Paying, Conversion and Transfer Agent for conversion of 20 FCCBs of USD 50000 each aggregating to USD 1.00 million into equity shares. In terms of the Offering Circular dated May 26, 2005, the Company has at the meeting of the Executive Committee of Board of Directors held on October 26, 2007 issued and allotted 6,84,838 equity shares of the face value of Rs 10.00 each for cash at a premium of Rs 61.5875 per share as an outcome of conversion of above referred FCCBs. By virtue of conversion of 20 FCCBs referred above, the number of FCCBs and amount outstanding stands at 834 and USD 41.70 million respectively.

By virtue of the above referred conversion of FCCBs into equity, the paid up equity share capital of the Company has increased from 17,31,02,676 equity shares of the face value of Rs 10/- each to 17,37,87,514 equity shares of the face value of Rs 10/- each.

The stock was trading at Rs.68.60, up by Rs.1.75 or 2.62%. The stock hit an intraday high of Rs.69.50 and low of Rs.66.25.

The total traded quantity was 274936 compared to 2 week average of 1478538.

Source : Equity Bulls

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