Diamond Cables board allots shares to Clearwater Capital Partners

Diamond Cables Ltd has announced that the Board of Directors of the Company at its meeting held on August 17, 2006, has taken decision to allot the following securities:

1. 25,00,000 Zero Interest bearing fully convertible Debentures and 1,00,000 Equity Warrants to Clearwater Capital Partners (Cyprus) Ltd.

1. a. The said Debentures and Warrants are convertible into Equity Shares within 18 months at a price of Rs 95/- per share (Rs 10/- face value + Rs 85 Premium);

2. 1,50,000 Equity Warrants to Brescon Corporate Advisors Ltd convertible into Equity Shares within 18 months at a price of Rs 95/- per share (Rs 10/- face value + Rs 85 Premium);

3. 7,50,000 Equity Shares of Rs 10/- each at a premium of Rs 85/- per Shares and 5,50,000 Equity Warrants of Rs 10/- each at a premium of Rs 85/- per Shares to Promoter Group.

Source : Equity Bulls

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