Vinati Organics said that the board of directors has approved the allotment of 22,18,525 equity shares of face value of Rs 2 each on the request from International Finance Corporation (IFC ).

The allotment is approved on conversion of foreign currency convertible bonds (FCCBs) for an aggregate amount USD 5,000,000 being 100% of the initial amount of the FCCBs.

Shares of the company declined Rs 2.4, or 0.53%, to trade at Rs 447. The total volume of shares traded was 4,310 at the BSE (1.22 p.m., Thursday).