Sintex Industries turns volatile after allotment of shares against FCCBs

Sintex Industries rose 0.16% to Rs 93.70 at 9:23 IST on BSE after the company said it has allotted a total of 41.80 lakh equity shares of Re 1 each to foreign currency convertible bonds holders on the exercise of their conversion right.

Meanwhile, the S&P BSE Sensex was up 87.99 points or 0.31% at 28,781.98.

On BSE, so far 52,000 shares were traded in the counter as against average daily volume of 9.80 lakh shares in the past two weeks.

The stock was volatile. The stock rose as much as 1.01% at the day's high of Rs 94.50 so far during the day. The stock lost as much as 3.63% at the day's low of Rs 90.15 so far during the day.

Sintex Industries after market hours on Friday, 28 November 2014 said it has allotted 29.26 lakh equity shares of Re 1 each to foreign currency convertible bonds (FCCB) holders on the exercise of their conversion right. Further, the company on Saturday, 29 November 2014 said it has allotted 12.54 lakh equity shares of Re 1 each to FCCB holders on the exercise of their conversion right.

It may be recalled that Sintex Industries' shareholders had on 17 September 2012, approved for issue of $140,000,000, 7.5%, step down convertible bonds due 2017.

On consolidated basis, Sintex Industries' net profit jumped 47.3% to Rs 107.39 crore on 23% growth in net sales to Rs 1672.19 crore in Q2 September 2014 over Q2 September 2013.

Sintex Industries is a dominant player in the plastics and textile business segments.

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