Micro Technologies Resets Conversion Price of FCCBs due to term of the Trust Deed

Micro Technologies India Ltd has announced that w.r.t. the issue of FCCB by the Company in July, 2007 and appointment of The Bank of New York as Trustees for FCCB issue. Pursuant to the issue the following documents were executed / issued: (1) Trust Deed dated July 20, 2007 and (2) Terms and Conditions of the bonds.

One of the conditions of these issue is to reset the FCCB conversion prices on July 20, 2008.

Further the Company inform that pursuant to this new adjusted price / reset price for conversion is Rs 250 (Being the price calculated as per the Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) Scheme, 1993 as amender by Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) (Amendment) Scheme, 2005.

The same has already been approved by the Stock Exchange at the time of issue of FCCBs and certified by the statutory auditors.

Source : Equity Bulls

Keywords