XL Telecom soars on stock deal with Credit Suisse

The stock of XL Telecom & Energy hit the 5 per cent circuit on allocation of shares to Credit Suisse (Singapore). The company’s board has allotted 6.21 lakh equity shares of Rs 10 each at a premium of Rs 150 per share to Credit Suisse. These shares have been allotted upon the conversion of foreign currency convertible bonds worth Rs 12.5 crore. The stock closed at Rs 46.2 with a spurt in volumes that equalled around two times its two-week average. The stock made an intraday high of Rs 46.2 and low of Rs 43.5.