Gati Ltd Closes FCCB Issue

Pursuant to the meeting of the Board of Directors of Gati Ltd on December 12, 2011, the Company had opened its FCCB Issue for subscription on December 12, 2011.

Based on the bids received during the day, the issue has been closed on December 12, 2011, Subsequent to the closing, the Board of Directors of the Company has allotted 22,182 zero coupon unsecured FCCBs of US$ 1,000 each, thereby raising US$ 22,182,000 from its FCCB Issue.

The current FCCBs are proposed to be listed on the Singapore Stock Exchange and the proceeds from this issue are being utilized towards redemption of the outstanding portion of the US$ 20 million foreign currency convertible Bonds raised on 2006 which are due for redemption in December 2011.

The stock closed the day at Rs.28.75, down by Rs.0.95 or 3.20%. The stock hit an intraday high of Rs.30.25 and low of Rs.28.30.

The total traded quantity was 0.38 lakhs compared to 2 week average of 1.27 lakhs.

Source : Equity Bulls

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