Andhra Cements to allot upto 6.5 mn shares to Echo Fiscal Services
BS Reporter / Hyderabad Aug 27, 2009, 13:34 IST
Andhra Cements Limited announced that it would allot warrants not exceeding 6.5 million equity shares of Rs 10 to Echo Fiscal Services. It would also increase its authorised capital from Rs 140 crore to Rs 170 crore.
The company decided to allot 1.5 million secured optionally convertible debentures of Rs 100 each to Housing Development Finance Corporation Limited (HDFC) and Infrastructure Development Finance Company Limited (IDFC) and another 1. 5 million convertible debentures to HDFC alone.
It also decided to allot secured non-convertible debentures (NCDs) to HDFC for an amount not exceeding Rs 10 crore with an option to convert into equity in the event of default by the company.
It would avail rupee term loan not exceeding Rs 5 crore from IDFC, with an option to convert into equity in the event of default. These were approved by the annual general meeting on August 25.
Its stock traded at Rs 27.9, up by 1.64 per cent from the previous close of Rs 27.45 on the Bombay Stock Exchange.
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