Alok Industries allots 309112 equity shares on conversion of FCCBs

Alok Industries Ltd has announced that on November 16, 2007 the Company has received a conversion notice from its Paying, Conversion and Transfer Agent for conversion of 9 FCCBs of USD 50000 each aggregating to USD 0.45 million into equity shares. In terms of the Offering Circular dated May 26, 2005, the Company has at the meeting of the Executive Committee of Board of Directors held on November 16, 2007 issued and allotted 3,09,112 equity shares of the face value of Rs 10.00 each for cash at a premium of Rs 61.5875 per share as an outcome of conversion of above referred FCCBs. By virtue of conversion of 9 FCCBs referred above, the number of FCCBs and amount outstanding stands at 825 and USD 41.25 million respectively.

By virtue of the above referred conversion of FCCBs into equity, the paid up equity share capital of the Company has increased from 17,37,87,514 equity shares of the face value of Rs 10/- each to 17,40,96,626 equity shares of the face value of Rs 10/- each.

Source : Equity Bulls

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