Textile and apparel maker S Kumars Naionwide (SKNL) today its board has approved converting foreign currency convertible bonds (FCCB) worth $9 million issued to Daiwa Capital Markets Singapore into 7.095 million equity shares.
"The committee of directors of the board of the company has approved in their meeting held on March 11, 2011, to convert $9 million FCCBs into 70,95,789 numbers of equity shares of Rs 10 each at a premium of Rs 47 per share," SKNL said in a filing to the Bombay Stock Exchange (BSE).
The shares were alloted to Daiwa Capital Markets Singapore Ltd.
SKNL has brands such as Reid & Taylor, Belmonte, S Kumars, Carmichael House and Stephens Brothers.
Shares of the company closed at Rs 55.60 per share, down 6.63% from the previous close, on the BSE.