Jain Irrigation to issue 417170 shares

Jain Irrigation Systems Ltd has announced that the Board of Directors of the Company at its meeting held on January 24, 2008, has passed the resolution pursuant to approval of the Shareholders at their meeting dated January 31, 2006, 4,17,170 Equity Shares of Rs 10 each for cash at a premium of Rs 335.59 each aggregating to Rs 144,170,000 of the Company be and are hereby authorized to be issued and allotted to the following Bond holder namely, Copthall Mauritius Investment Ltd FCCB (4,17,170 no of equity shares) in lieu of conversion of 3,250 Bonds of USD 1,000 each, as per Notification dated January 22, 2008 received:

1. No of Bonds - 3250
2. Face Value - USD 1,000 each
3. Total Amount - USD 3,250,000
4. Fixed Exchange Rate Rs / USD - Rs 44.36
5. Amount (3*4) - Rs 144,170,000
6. Fixed Conversion Price - Rs 345.59
7. No of Shares to be issued in conversion (5/6) - 4,17,170.

Source : Equity Bulls

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