Satnam Overseas FCCB coversion price reduced to Rs.85

Satnam Overseas Ltd has informed BSE that the Company has issued US $ 20 million 1% unsecured convertible bonds due 2010 on August 30, 2005 (conversion price - Rs 111.77).

Further the Company has informed that, pursuant to condition 5.7.4 of the terms and conditions of issuance of such bonds as set out herein below, the bond conversion price is reset from Rs 111.77 to Rs 85/-.

Condition 5.7.4 states:

The applicable conversion price will be reset downwards only on each Reset date, in the following circumstances: if the Market Price for the immediately preceding month is below the Reference Price, then the Conversion price will be reset to such Market price, except that the reset Conversion Price shall in no event be less than Rs 85/- per share.

Source : Equity Bulls

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