Exercise of Option for conversion by Steel Strips OCPS Holder

Steel Strips Wheels Ltd has announced that M/s. New Vernon Private Equity Ltd - the holder of Optionally Convertible Preference Shares (OCPS) has - in terms of the provisions of the Share Subscription Agreement dated March 29, 2005 expressed its interest for conversion of Optionally Convertible Preference Shares (OCPS) into Equity Shares.

Further the Company has informed that, the Company is taking effective steps as per the applicable laws for the issuance of equity shares.

Source : Equity Bulls

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