The Hindu Business Line : El Forge to issue FCDs to promoters

EL FORGE Ltd plans to issue 1.65 lakh fully convertible debentures of Rs 84 each to one of its promoters, Chendur Forgings Ltd, and 5.35 lakh fully convertible debentures (FCDs) to other investors.

In a communication to the Bombay Stock Exchange, El Forge has said the FCDs shall carry an interest of 9 per cent a year payable for a period of 12 months from the date of allotment.

Each FCD shall be converted into one equity share of Rs 10 each at a price of Rs 84 a share, including a premium of Rs 74 a share, at the end of 12 months.

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