Ballarpur Industries approves allotment of 77,27,958 shares on Conversion of FCCBs

Ballarpur Industries Ltd has announced that the Committee of Directors of the Company at its meeting held on June 29, 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/-.

Less: Value of FCCBs converted in June 13, 2007, resulting into allotment of 77,27,958 shares - USD 15,000,000/-.

Balance - USD 15,000,000/-.

- 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 - International Finance Corporation (IFC)

Source : Equity Bulls

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