Gujarat NRE Updates on Convertible Bonds

Gujarat NRE Coke Ltd has announced that the Company had issued, on March 15, 2005, US$ 55,000,000, 1% unsecured convertible bonds, due in 2010.

As on date, 90.5% of the aggregate principal amount of the bonds originally issued, having a value of US$ 49,775,000 have been converted by the Company upon receipt of conversion notices from bond holders leaving balance bonds having principal amount of US$ 5,225,000.

As the bonds outstanding constitute less than 10% of the aggregate principal amount originally issued, the Company is eligible to exercise its option for Mandatory Conversion of outstanding bonds in terms of Clause 5.6 of the terms and conditions of the bonds as stipulated in the Offering Circular subject to obtaining various necessary approvals and complying with the requirements of the said clause.

Source : Equity Bulls

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