Jain Irrigation to allot 4,36,424 shares to Goldman Sachs

Jain Irrigation Systems Ltd has announced that the Board of Directors of the Company at its meeting held on October 23, 2007, has passed the resolution pursuant to approval of the Shareholders at their meeting dated January 31, 2006, that 4,36,424 Equity Shares of Rs 10 each for cash at a premium of Rs 335.59 each aggregating to Rs 15,08,24,000 of the Company be and are hereby authorized to be issued and allotted to the Bond holder namely, Goldman Sachs Investments (Mauritius) I Ltd FCCB (2,56,720 no of equity shares) and Swiss Finance Corpn. Mauritius Ltd (1,79,704 no of equity shares) in lieu of conversion of 3,400 Bonds of USD 1,000 each, as per Notification dated September 13, 2007, October 03, 2007 and October 19, 2007 received:

1. No of Bonds - 3400
2. Face Value - USD 1,000 each
3. Total Amount - USD 3400000
4. Fixed Exchange Rate Rs / USD - Rs 44.36
5. Amount (3*4) - Rs 15,08,24,000
6. Fixed Conversion Price - Rs 345.59
7. No of Shares to be issued in conversion (5/6) - 4,36,424.

Source : Equity Bulls

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