Shakti Pumps (India) spurts after conversion of CCPS into equity shares

Shakti Pumps (India) jumped 8.26% to Rs 174.40 at 10:11 IST on BSE, after the company's board of directors approved the conversion of compulsory convertible preference shares held by AFHoldings into equity shares.

The announcement was made after market hours yesterday, 9 May 2016.

Meanwhile, the S&P BSE Sensex was down 22.85 points or 0.09% at 25,666.01

On BSE, so far 46,468 shares were traded in the counter as against average daily volume of 26,695 shares in the past one quarter. The stock hit a high of Rs 179.40 and low of Rs 164.50 so far during the day. The stock hit a 52-week high of Rs 215 on 19 May 2015. The stock had hit a 52-week low of Rs 95 on 24 February 2016. The stock had underperformed the market over the past one month till 9 May 2016, sliding 4.56% compared with 4.11% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 25.86% as against Sensex's 6.94% rise.

The small-cap company has equity capital of Rs 16.74 crore. Face value per share is Rs 10.

Shakti Pumps (India)'s board of directors at a meeting held yesterday, 9 May 2016, approved the conversion of 15 lakh compulsory convertible preference shares (CCPS) of Rs 100 each held by AFHoldings into 16.36 lakh ordinary equity shares of Rs 10 each, constituting 8.9% of the paid-up share capital of the company on fully diluted basis and ranking pari passu with the existing equity shares of the company.

Shakti Pumps (India) had reported net loss of Rs 4.20 crore in Q3 December 2015 as compared to net profit of Rs 7.65 crore in Q3 December 2014. Net sales fell 19.6% to Rs 67.11 crore in Q3 December 2015 over Q3 December 2014.

Shakti Pumps (India) is a manufacturer and exporter of stainless steel water pumps, motors and solar pumps.

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