Apar Industries Ltd has announced that Share Issue Committee of the Directors of the Company at its meeting held on October 11, 2006 has transacted the following:
1. Allotted 34,45,978 Equity Shares of Rs 10/- each at a premium of Rs 175/- per share to Shinny Ltd, Mauritius, upon conversion of 34,45,978 - 5.40 % Cumulative Compulsorily Convertible Preference Shares of Rs 185/- each held by them.
2. The aforesaid Equity Shares shall rank pari-passu in all respects with the existing Equity Shares.
3. Upon issue of these 34,45,978 Equity Shares, the aforesaid Preference Shares shall be treated as cancelled and extinguished.