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The board of Kirloskar Electric on Monday approved conversion of over 8.18 lakh compulsorily convertible preference shares (CCPS) of ₹100 each to Vijay R Kirloskar, promoter. The board also approved allotment of over 26.88 lakh shares of ₹10 each at a premium of ₹20.44 a share. This was the second and final conversion of CCPS, according to the terms of the issue. Shares of Kirloskar Electric, after hitting a 52-week high of ₹71.70, closed at ₹68.2, down 1.8 per cent, on the NSE.
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