Ballarpur Industries converts FCCBs into 35,44,141 equity Shares at Rs.86.20

Ballarpur Industries Ltd has announced that the Committee of Directors of the Company at its Meeting held on October 20, 2006 has approved allotment of 35,44,141 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 already converted in June, 2006, resulting into 8,00,638 shares - USD 1,500,000/-.

- Balance - USD 43,500,000/-

- value of FCCBs for which conversion notice received by the Company in October, 2006 - USD 6,750,000/-

- Conversion Price - Rs 86.20/-

- No. of shares allotted - 35,44,141

- Name of allottee - Nederlandse Financierings Maatschappij Voor Ontwikkelingslanden N.V. (FMO)

Source : Equity Bulls

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