Nectar Lifesciences Conversion Price Reset of FCCBs

Nectar Lifesciences Ltd has announced that pursuant to the para 5.4 of the Terms and Conditions relating to conversion price reset in connection with the Zero Coupon Convertible Bonds due 2011 issued by the Company on April 25, 2006, the Company is informed that Conversion Price of said Bonds stands reset to Rs 265.39 based on following considerations:

Initial Conversion Price - Rs 331.74

15 days arithmetic average on NSE (October 04, 2006 to October 23, 2006)* - Rs 151.80

15 days arithmetic average on BSE (October 04, 2006 to October 23, 2006)* - Rs 151.78

Closing Price of equity share on NSE on October 23, 2006* - Rs 152.30

Closing Price of equity share on BSE on October 23, 2006* - Rs 153.05

80% of Initial Conversion Price - Rs 265.39

*(October 24, 2006 being holiday in India)

As per provision (i) of para 5.4 the adjusted conversion price in no event shall be less than 80 per cent of the Initial Conversion Price. Therefore adjusted conversion price is Rs 265.39 from the reset date i.e. October 25, 2006.

Source : Equity Bulls

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