Alok Industries allots 1807975 shares

Alok Industries Ltd has announced that with reference to issue of 1% - 1400 unsecured Foreign Currency Convertible Bonds (FCCBs) of USD 50000 each aggregating to USD 70.00 million issued and allotted in two tranches i.e. in May and June 2005.

The Company have received one conversion notice from the Paying, Conversion and Transfer Agent for conversion of 52 FCCBs of USD 50000 each aggregating to USD 2.60 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 February 14, 2008 has issued and allotted 18,07,975 equity shares of the face value of Rs 10.00 each for cash at a premium of Rs 61.5875 per share to the allottee as an outcome of conversion of above referred FCCBs. By virtue of conversion of 52 FCCBs referred above, the number of FCCBs and amount outstanding stands at 536 and USD 26.80 million respectively.

The Company will make an application for listing of the above referred 18,07,975 equity shares shortly. By virtue of the above referred conversion of FCCBs into equity, the paid up equity share capital of the Company has increased from 18,23,08,232 equity shares of the face value of Rs 10/- each to 18,41,16,207 equity shares of the face value of Rs 10/- each.

Source : Equity Bulls

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