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.
Source: ET
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