Alok Industries allots 758244 equity shares on conversion of FCCBs

Alok Industries Ltd has announced that on December 10, 2007 the Company has received a conversion notice from its Paying, Conversion and Transfer Agent for conversion of total 22 FCCBs of USD 50000 each aggregating to USD 1.10 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 December 11, 2007 issued and allotted 7,58,244 equity shares of the face value of Rs 10.00 each for cash at a premium of Rs 61.5875 per share to two allottees as an outcome of conversion of above referred FCCBs. By virtue of conversion of 22 FCCBs referred above, the number of FCCBs and amount outstanding stands at 803 and USD 40.15 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 17,40,96,626 equity shares of the face value of Rs 10/- each to 17,48,54,870 equity shares of the face value of Rs 10/- each.

Source : Equity Bulls

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