Ballarpur Ind to raise Rs 6.90 cr
Paper manufacturer Ballarpur Industries Ltd on Tuesday said it will raise Rs 6.90 crore through the allotment of over 8 lakh equity shares upon conversion of Foreign Currency Convertible Bonds to a Netherlands-based Foreign Institutional Investor.
By PTI |
MUMBAI: Paper manufacturer Ballarpur Industries Ltd on Tuesday said it will raise Rs 6.90 crore through the allotment of over 8 lakh equity shares upon conversion of Foreign Currency Convertible Bonds to a Netherlands-based Foreign Institutional Investor.
The committee of directors at its meeting on Tuesday approved the allotment of 8,00,638 equity shares of Rs 10 each upon conversion of FCCBs worth $1.5 million at a conversion price of Rs 86.20 to Nederlandse Financierings Maatschappij Voor Ontwikkelingslanden NV (FMO), Ballarpur informed the Bombay Stock Exchange.
The total value of FCCBs issued by the company in November 2003 was $45 million and the shares were allotted on part conversion of these convertible bonds, it added.
The shares of the company closed at Rs 101.65, up 2.06 per cent on the BSE.
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