Ballarpur Industries Converts FCCBs into equity shares

Ballarpur Industries Ltd has announced that the Committee of Directors of the Company at its meeting held on June 13, 2007 has approved allotment of 77,27,958 Equity Shares of Rs 10/- each of the Company. The said shares have been allotted on part conversion of Foreign Currency Convertible Bonds (FCCBs) of USD 45 million, which were allotted by the Company in November, 2003.

The Details of the shares allotted are as under:

- Total Value of FCCBs issued in November, 2003 - USD 45,000,000/-.

Less: Value of FCCBs converted in June, 2006, resulting into 8,00,638 shares - USD 1,500,000/-.

Less: Value of FCCBs converted in October, 2006, resulting into allotment of 35,44,141 shares - USD 6,750,000/-.

Less: Value of FCCBs converted in February, 2007, resulting into allotment of 34,77,581 shares - USD 6,750,000/-.

Balance - USD 30,000,000/-.

- Value of FCCBs for which conversion notice received by the Company in June, 2007 - USD 15,000,000/-.

- Conversion Price - Rs 86.20

- No. of Shares allotted - 77,27,958

- Name of allottee - DEG - Deutsche Investitions - UND Entwicklungsgesselschaft MBH.

Source : Equity Bulls

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