Essar Oil owner seeks to convert $262-mn FCCBs into shares

Essar Oil today said its promoter is seeking to convert FCCBs aggregating USD 262 million into equity shares. The company said it has received a notice from promoter company, Essar Energy Holdings seeking conversion of FCCBs aggregating USD 262 million into equity shares.

Also Read: Essar Oil to shut crude and secondary units for a week
Essar Oil said it will allot 3.88 crore equity shares at Rs 138 per share on conversion of 1,150 foreign currency convertible bonds (FCCBs) of USD 100,000 each aggregating to USD 115 million which were issued on June 15, 2010 to Essar Energy Holdings.
The company will also allot 4.50 crore equity shares at Rs 153 per share on conversion of 1,470 FCCBs of USD 100,000 each aggregating to USD 147 million which were issued on July 9, 2010 to Essar Energy Holdings. Essar Energy Holdings held 19.83 per cent stake in Essar Oil as on September 30.
Essar Oil said it will hold a meeting of Committee of Directors (Capital Issues) shortly to allot shares on conversion of FCCBs into equity shares.