Sakthi Sugars allots more shares to 2 FIIs

COIMBATORE: Sakthi Sugars has allotted 11,10,436 equity shares to two institutional investors following the conversion of foreign currency convertible bonds (FCCBs) worth $4.7 million held by them.

While Deutsche Bank London converted $3.7 million into 8,74,173 equity shares, Apollo Asia Opportunity Alpha (Mauritius) converted $1 million into 2,36,263 equity shares under the B series at conversion price of Rs 190 per share.

In December 2009, the company had allotted 34,60,569 equity shares to investors by conversion of FCCBs worth $15.4 million. In all, the company has so far allotted 45,71,005 equity shares on conversion of $20.1 million worth FCCBs.

Sakthi Sugars vice-chairman and MD M Manickam told ET that post issue, these investors will hold around 12.72% in the paid up capital of the company. In 2006, the company had issued FCCBs worth $60 million worth to set up two co-generation plants and a green-field sugar mill near Erode.