Western India Shipyard to issue 2,47,24,200 shares on preferential basis

Western India Shipyard Ltd has announced that the Board of Directors of the Company at its meeting held on April 24, 2007, inter alia, to issue and allot 2,47,24,200 equity shares of the face value of Rs 10/- each fully paid up aggregating to Rs 24,72,42,000/- on preferential basis to the following banks and financial Institutions on conversion of 2,47,24,200 Zero Coupon Optionally Fully Convertible debentures (ZCOFCDs) Series II of the face value of Rs 10/- each fully paid up aggregating to Rs 24,72,42,000/- under the terms of the respective restructuring packages, including the CDR letter of approval dated January 28, 2005 and further that such issue of fully paid equity shares need not be offered to the existing members for subscription:

a. 80,16,600 equity shares of the face value of Rs 10/- each fully paid up aggregating to Rs 8,01,66,000/- to Stressed Assets Stabilization Fund (IDBI) at par, on such terms and conditions including write down condition as may he agreed to by the Board.

b. 9,00,000 equity shares of the face value of Rs 10/- each fully paid up aggregating to Rs 90,00,000/- to Industrial Investment Bank of India at par on such terms and conditions including write down condition as may be agreed to by the Board.

c. 66,87,600 equity shares of the face value of Rs 10/- each fully paid up aggregating to Rs 6,68,76,000/- to Bank of India at par on such terms and conditions including write down condition as may be agreed to by the Board.

d. 91,20,000 equity shares of the face value of Rs 10/- each fully paid up aggregating to Rs 9,12,00,000/- to State Bank of India at par on such terms and conditions including write down condition as may be agreed to by the Board.

Source : Equity Bulls

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