Asia
Barak Valley Cements Converts Outstanding Loan in Subsidiary into Equity; Shares Up 3%
Barak Valley Cements (NSE:BVCL, BOM:532916) has acquired 706,500 equity shares of its wholly owned subsidiary, Meghalaya Minerals and Mines, through conversion of an outstanding loan into equity, according to a Wednesday filing on Indian bourses.Shares of the company rose nearly 3% in Thursday's trade.The loan of about 40.9 million rupees was converted into shares at 58 rupees per share, including a premium of 48 rupees per share, the filing said. The conversion was carried out on March 31, it said.
BOM:532916NSE:BVCL
