United Spirits Updates on Convertible Bonds

United Spirits Ltd has announced that the Company (formerly known as McDowell & Company Ltd) had issued US$ 100,000,000 2% Convertible Bonds Due 2011 (The Bonds) and the same are listed on the Singapore Exchange Securities Trading Ltd (SGX).

Pursuant to the condition 6.3.4 of the Offer Circular for issue of Bonds, the conversion price is adjusted (due to Spin-Off of the Investment business of the Company into McDowell India Spirits Ltd, now renamed as McDowell Holdings Ltd, ("MHL") in terms of a Composite scheme of Arrangement sanctioned by the Honourable High Courts of Karnataka and Bombay and allotment by MHL pursuant to the Scheme to the equity shareholders of the Company, one equity share of MHL for every five equity shares held in the Company), based on the formula provided under the said condition. The details with respect to the new conversion price are as Follows-

Conversion Price before adjustment- Rs 858 per equity share

Adjusted conversion Price - Rs 781 per equity share

Effective date of adjustment - June 08, 2007

Source : Equity Bulls

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