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EL Forge's preferential FCD issue
CHENNAI: EL Forge has informed the Bombay Stock Exchange that the board of directors, at their meeting held on November 1, has approved to issue, on a preferential basis, 1.65 lakh fully convertible debentures (FCDs) of Rs. 84 each to one of the promoters of the company, Chendur Forgings, and 5.35 lakh FCDs to other investors.
The debentures will carry an interest of 9 per cent per annum payable in 12 months from the date of allotment. Each FCD will be converted into one equity share of Rs. 10 each at a price of Rs. 84 per share (including a premium of Rs. 74 per share) on the expiry of 12 months from the date of allotment.
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